New York, Feb 17, 2026, 12:11 ET — Regular session
- Spot silver slid 3.8% to $73.67 an ounce in U.S. trading, after an earlier dip down to $71.92.
- SLV, the top U.S. silver ETF, slid about 5% this day as the dollar gained and demand for safe-haven assets eased.
- Now, focus shifts to Wednesday’s Fed minutes. U.S. PCE inflation data is also on deck later this week.
Silver dropped sharply on Tuesday, with spot prices falling 3.8% to $73.67 an ounce at 11:33 a.m. ET. The metal touched a session low of $71.92 earlier. Pressure came from a firmer dollar and renewed momentum in U.S.-Iran nuclear talks, dampening safe-haven demand. Analyst Jim Wyckoff pointed to a “lack of fresh bullish fundamental news lately to drive prices still higher.” 1
Silver stands out for a reason—it swings between being a refuge during geopolitical tensions and serving industrial demand when the outlook improves. Yet, once the dollar gains ground and headlines start to fade, silver can tumble fast. Compared to gold, it’s got steeper ups and downs.
Not much happening in thin trade. U.S. markets are closed for Presidents Day, and China’s out for Lunar New Year, leaving bullion volumes sharply lower. “Gold is range-trading around $5,000/oz in a week with lower liquidity due to holidays,” said Giovanni Staunovo, analyst at UBS. Silver, though, has its own thing going on—OANDA’s Zain Vawda points out it’s “a more cyclically sensitive metal,” so it tends to lose that safe-haven shine quicker when growth holds steady. 2
iShares Silver Trust (SLV) tumbled almost 5% to about $66.18 on NYSE Arca Thursday morning, sliding as bullion prices retreated. 3
Comex silver futures didn’t escape the selloff either. The March contract last traded near $74.93 an ounce, down about 3.9%. 4
The dollar’s muscle is back in focus. Silver, tagged to the buck, just got pricier for anyone paying with weaker currencies. That’s enough to make buyers flinch at the margins, chipping into demand.
Here’s the catch: silver is infamous for tearing in either direction. If negotiations stall out or the dollar stumbles on shaky U.S. data, that thin trading—pushing prices down this day—could just as quickly sling them higher again.
Investors will get their hands on the Federal Reserve’s January meeting minutes on Feb. 18, combing through the text for any clues on policy makers’ thinking around rates and inflation. 5
The Fed’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) price index, lands later this week. The next data drop is scheduled for Feb. 20. 6
