Gold Breaks $5,100: Has the Base Finally Formed?
February 22, 2026Welcome back to this week's edition of The Australian Gold Weekly Review!
After weeks of volatility and sharp reversals, markets delivered another headline-grabbing week, and this time, the signals were anything but simple.
Gold finished at US$5,108 an ounce, lifted by weak GDP data, overheated PCE readings, and the Supreme Court's decision on global trade tariffs, which weighed on the US dollar and pushed the Dollar Index back toward 97. The move higher in gold was decisive. But here's the real question: after all the turbulence we've seen recently, has gold finally found its base above US$5,000… or should we still brace for more jolts ahead? Brian breaks down the macro crosscurrents and what they truly mean for the metal in the week to come.
Silver did not stay quiet. The metal surged nearly 10 percent this week to close at US$84 an ounce, following gold's strength with amplified momentum.
Back home, the ASX All Ordinaries Gold Index rose by only 30 points week-on-week, despite gold pushing past US$5,100. Surprised? You are not alone. Brian explains the catch behind this divergence (Hint: Watch out for Monday!)
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Brian contributes his insights on precious metals and mining stocks via free and paid newsletters with independent publisher, Fat Tail Investment Research. You can learn about his work by visiting www.daily.fattail.com.au. Fat Tail Investment Research is part of The Agora, a renowned international financial solutions publisher.
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