New York, Feb 18, 2026, 16:13 EST — After-hours
- Spot silver jumped roughly 5%, trading near $77 an ounce following a volatile two-day stretch.
- SLV, the silver-backed ETF, jumped roughly 6% during regular hours, then held steady in after-hours trading.
- Eyes turn to Friday, with traders waiting on U.S. PCE inflation figures and GDP to set the next move.
Silver surged roughly 5% Wednesday, spot XAG/USD closing late in New York at $77.24 an ounce after a volatile session that saw prices trade from $72.32 up to $78.34. That move followed a 4% drop Tuesday, catching traders in yet another abrupt turnaround.
Silver’s caught in the middle at the moment. When nerves spike, it behaves like a safe asset. Yet, its ties to industrial uses keep tugging it in another direction. The market’s narrative shifts, and no single theme sticks for long.
That combination turns rate chatter into more of a sting. With steeper borrowing costs, holding non-yielding bullion stings more, and silver tends to swing wider than gold when traders shift their stance.
Investors sifted through new geopolitical developments and signals on U.S. rate direction. Marex’s Edward Meir pointed to “some nervousness” over Iran-U.S. tensions. Tai Wong, a metals trader, saw room for gold to “retake $5,000,” despite what he called minutes that leaned slightly hawkish. Spot gold gained 2.4%, sitting at $4,992.11, according to Reuters. Reuters
The iShares Silver Trust (SLV), which tracks physical silver, jumped roughly 5.6% to finish regular trading at $70.09. After hours, shares hovered close to $70.00.
Now, attention turns to whether the rally sticks after the U.S. session winds down. When liquidity dries up, silver doesn’t always move gently—especially if headlines keep hitting the wires.
The risk is clear enough: if inflation data runs hot or the Fed talks tough, that’s typically dollar-positive. Precious metals could take a hit, more so after such a quick bounce.
Geopolitics, quick to flare, can fade just as rapidly. If negotiations show actual progress, appetite for safe-haven assets drops. And silver’s industrial link? That support flips into a headwind when growth numbers fall short.
Friday brings the next key data drop. At 8:30 a.m. ET on Feb. 20, the Bureau of Economic Analysis will release its advance look at fourth-quarter GDP, along with the Personal Income and Outlays report. That second release features the PCE price index, the inflation measure the Fed tends to watch most closely.
The upcoming releases could shape where rate expectations go next. They might be the deciding factor for silver—holding at $77, or giving up ground and returning to this week’s lows.
