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Daily brief · Friday, February 13, 2026

Gold slips to $4,994.95 as inflation talk and a flash-crash keep volatility high

Gold ended lower at $4,994.95/oz (-0.96%) after a choppy stretch in which some coverage focused on softer inflation readings and shifting Fed rate-cut expectations. Silver and the PGMs fell harder on the day, while several reports pointed to volatility drivers ranging from a recent “flash crash” to policy headlines like possible U.S. tariffs on Russian palladium.

AI summaryWritten automatically with AI from 20 linked reports and our own price data, Oct 21, 2:35 AM ET. Each point links to its sources. Published without an editor’s review; not investment advice. How this page is made

Closing prices for February 13, 2026

Gold $4,994.95 −0.96% 30d +8.4% Silver $77.35 −7.38% 30d −15.1% Platinum $2,058.00 −2.42% 30d −14.1% Palladium $1,658.00 −2.24% 30d −10.1%

Tone of the reports: Mixed

What happened

  1. Volatility stayed front and center. Kitco said analysts warn volatility is “far from over,” and Action Forex described a recent flash crash in gold and silver with sharp intraday drops.

    SourcesKitco News: Gold reclaims $5,000 as analysts warn volatility is far from overAction Forex: Metals Market – Gold (XAU/USD) and Silver (XAG/USD) Flash Crash

  2. Rate-cut expectations were a key storyline. CNBC linked gold strength to softer inflation data and renewed hopes for Fed cuts, while other coverage said strong U.S. labor data had earlier dampened those hopes.

    SourcesCNBC: Gold rises over 2% as soft inflation data rekindles Fed rate-cut hopesInvesting.com: Gold prices dip as strong U.S. labor data dampens rate cut hopes

  3. Physical market signals were mixed. Reuters reported gold traded at discounts in India for the first time in nearly a month, pointing to price-sensitive demand at current levels.

    SourcesReuters: Gold trades at discounts in India for first time in nearly a month2: Asia Gold: Gold trades at discounts in India for first time in nearly a month

  4. China tightened oversight of gold trading in Shenzhen. Reports said authorities are cracking down on illegal trading and banning practices like price-fixing and leverage after platform problems.

    SourcesEarlier news service: CHINA's Shenzhen Cracks Down on Illegal Gold Trading, Bans Price-Fixing and Leve..2: CHINA tightens gold trading rules in Shenzhen after platforms collapse

  5. Palladium got a policy jolt. Reuters reported the U.S. Commerce Department gave initial backing to Sibanye-Stillwater’s call for tariffs on Russian palladium, a headline that could matter for supply flows and pricing.

    SourcesReuters: US Commerce Dept gives initial backing to Sibanye-Stillwater's call for tariffs on Russian palladium

  6. Sentiment was split heading into a thin trading week. Kitco said Wall Street stepped back after a flash selloff, while “Main Street” stayed bullish ahead of thin holiday trading.

    SourcesKitco News: Wall Street retreats to the fence after flash selloff, Main Street remains bullish ahead of thin holiday trading week

Bull vs bear

The arguments the day’s reports made for each direction. We list them side by side; we don’t pick one.

The case for higher prices

The case for lower prices

What to watch

  • UpcomingU.S. inflation dataSeveral reports tied gold’s direction to inflation readings and what they imply for Federal Reserve rate cuts.
  • Next weekThin holiday trading weekKitco said thinner liquidity can magnify price swings after the recent flash selloff.

Metal by metal

Gold $4,994.95 −0.96%

Kitco said gold was testing resistance just below $5,000 as January U.S. inflation cooled, and separately said the metal reclaimed $5,000 while analysts cautioned that volatility remains elevated. Reuters also pointed to discounts in India, suggesting some buyers pulled back at these price levels.

Gold headlines

Silver $77.35 −7.38%

Coverage was mainly about volatility: Action Forex described a flash crash that hit both gold and silver with sharp intraday drops. Beyond that, today’s reports were light on silver-specific fundamentals.

Silver headlines

Platinum $2,058.00 −2.42%

Today’s reports did not add much platinum-specific news; most macro discussion centered on gold and rates, not platinum supply/demand.

Platinum headlines

Palladium $1,658.00 −2.24%

Reuters reported the U.S. Commerce Department gave initial backing to Sibanye-Stillwater’s request for tariffs on Russian palladium imports, a development that could affect U.S. palladium trade flows and availability if it advances.

Palladium headlines

The day’s reports

17 reports, most important first, New York time.

  1. 7:00 PM MINING.COM · 7:00 PM US Commerce Dept gives initial backing to Sibanye's call for tariffs ... The U.S. Commerce Department gives initial backing to Sibanye's request for tariffs on Russian palladium imports.
  2. 2:53 PM Kitco News · 2:53 PM▲ Reports a rise Gold reclaims $5,000 as analysts warn volatility is far from over Kitco says gold has reclaimed $5,000 as analysts warn volatility remains elevated.
  3. 10:07 AM Reuters · 10:07 AM US Commerce Dept gives initial backing to Sibanye-Stillwater's call for tariffs on Russian palladium The US Commerce Department gave initial backing to Sibanye-Stillwater's request for tariffs on Russian palladium.
  4. 8:30 AM Kitco News · 8:30 AM▲ Reports a rise Gold prices testing resistance just below $5,000 as US inflation cools in January Kitco says gold prices are testing resistance just below $5,000 as US inflation cools in January.
  5. 12:01 AM CNBC · 12:01 AM▲ Reports a rise Gold rises over 2% as soft inflation data rekindles Fed rate-cut hopes Gold rose more than 2% as softer inflation data revived hopes for a Federal Reserve rate cut.
  6. 6:48 PM Kitco News · 6:48 PM▼ Reports a fall Wall Street retreats to the fence after flash selloff, Main Street remains bullish ahead of thin holiday trading week Kitco says Wall Street stepped back after a flash selloff while Main Street stayed bullish ahead of holiday trading.
  7. 1:36 PM Kitco News · 1:36 PM▼ Reports a fall Silver’s 10.5% Drop Reflects Structural Liquidation, Not Manipulation, Says Former Bullion Bank Executive A former bullion bank executive says silver's 10.5% drop reflects structural liquidation rather than manipulation.
  8. 12:56 PM Kitco News · 12:56 PM New Fed and tariff developments could sap tailwinds for precious metals in Q2  – TD Securities’ Melek TD Securities' Melek says new Fed and tariff developments could weaken precious metals in the second quarter.
  9. 7:51 AM Kitco News · 7:51 AM▲ Reports a rise Price gains for gold, silver ahead of U.S. CPI Kitco reports gold and silver prices gained ahead of US CPI data.
  10. 1:21 AM Reuters · 1:21 AM▼ Reports a fall Gold trades at discounts in India for first time in nearly a month Reuters says Indian bullion dealers offered gold at discounts for the first time in nearly a month.
  11. 12:01 AM CNBC · 12:01 AM▲ Reports a rise Gold bounces back from near one-week low; U.S. inflation data in ... Gold rebounded from a near one-week low as traders awaited U.S. inflation data for clues on interest rates.
  12. 7:00 PM Investing.com · 7:00 PM A Disinflationary Path to the Next Inflation Problem | Investing.com AU An Investing.com analysis says a disinflationary path could lead to a new inflation problem.
  13. 7:00 PM Yahoo Finance · 7:00 PM Boreal Gold Closes Non-Brokered Private Placement - Yahoo Finance Boreal Gold closes a non-brokered private placement.
  14. 7:00 PM Kitco News · 7:00 PM Friday's charts for gold, silver, platinum and palladium, February 13 Kitco previews Friday's charts for gold, silver, platinum and palladium.
  15. 8:55 AM Reuters · 8:55 AM Asia Gold: Gold trades at discounts in India for first time in nearly a month Reuters says gold is trading at discounts in India for the first time in nearly a month.
  16. 7:29 AM Kitco News · 7:29 AM Gold market analysis for February 13 - key intra-day price entry levels for active traders Kitco News gives gold market analysis for February 13 with key intraday price entry levels for active traders.
  17. 5:21 PM Kitco News · 5:21 PM▲ Reports a rise Silver outshines gold at the 2026 Winter Olympics Kitco says silver is outperforming gold at the 2026 Winter Olympics.

How this page is made

Collected every hour. Summed up twice a day. Linked to the source.

Where the news comes from

  • Reuters and Dow Jones headlines for gold, silver, platinum and palladium, through TradingView
  • Kitco News and MetalsDaily
  • The World Gold Council
  • Google News, for wider coverage
  • A daily AI web search for anything the feeds missed

How the briefs are written

Every hour we collect new headlines. An AI model from OpenAI tags each one by metal, topic and importance and writes a one-line summary from its headline and teaser. It doesn’t read paywalled articles. On weekdays at about 8 AM and after the 5 PM New York close, it writes a brief from the most important reports and our own spot price feed. Every point cites the reports it came from. On Fridays it writes a recap of the week.

Who publishes it

Bullion Trading LLC is a physical precious metals dealer in New York’s Diamond District, in business since 2008. Prices on this page come from our own live feed and LBMA history. We buy and sell bullion, so read the briefs as market context, not investment advice. Briefs are published automatically, without an editor’s review. If you spot an error, tell us.

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