New York, February 19, 2026, 16:24 EST — After-hours.
- Spot silver rose 1.47% to $78.21 an ounce in late U.S. trading, after swinging between $76.37 and $79.60.
- Safe-haven demand helped support precious metals as traders weighed U.S.-Iran tensions and the Federal Reserve’s latest signals on rates.
- Markets now turn to Friday’s U.S. inflation gauge and growth data for clues on the next rate move.
Spot silver, the cash price for immediate delivery, climbed 1.47% to $78.21 an ounce by 4:07 p.m. EST, Kitco data showed. The metal traded as low as $76.37 and as high as $79.60 on the day. (Kitco)
The move matters because silver is getting tugged around by the same forces that hit gold — shifting rate expectations and geopolitical risk — but it also has a large industrial footprint. That mix can make it jumpy when traders are trying to decide whether the next big driver is inflation, growth, or headlines.
Friday’s calendar is heavy and awkward. A key inflation report that often resets interest-rate bets is due alongside major U.S. growth figures, and traders say that combination can move the dollar and bond yields quickly — both big inputs for silver pricing. (Investopedia)
Earlier in the session, spot silver was up 0.6% at $77.66 after jumping more than 5% on Wednesday, according to a Reuters report. “We’re being whipsawed and moving sideways with volatility,” said Daniel Pavilonis, senior market strategist at RJO Futures. (Reuters)
Silver does not pay interest, so higher yields can sap demand at the margin. When rate-cut bets firm up, the metal tends to catch a bid, and it has been trading that rhythm almost tick-for-tick this week.
The dollar kept pressing higher, which can work against dollar-priced metals by making them more expensive for buyers using other currencies. The dollar index rose 0.19% to 97.88, and Joseph Trevisani, a senior analyst at FXStreet in New York, said: “That’s why we’re headed back to a range.” (Reuters)
A separate U.S. data point added to the rate debate on Thursday. Initial jobless claims fell by 23,000 to 206,000 for the week ended Feb. 14, beating economists’ expectations, Reuters reported. (Reuters)
Fed minutes released on Wednesday showed policymakers split on what comes next after holding rates steady, with “several” open to hikes if inflation stays high and others still leaning toward cuts if price pressures ease. The Fed’s benchmark rate was held in the 3.50%-3.75% range, and the next policy meeting is scheduled for March 17–18. (Reuters)
But silver has a downside setup too. A stronger-than-expected inflation print on Friday could lift yields and the dollar again, and that would test the bid — especially if the Middle East risk premium cools at the same time.
Beyond macro, there’s a demand question hanging over the metal that traders are starting to talk about again: whether high prices will push big users to substitute away. Solar manufacturers are stepping up efforts to replace silver with copper in some panel components as costs soar, and “Silver is the greatest contributor to the increased cost of manufacturing solar panels,” said Derek Schnee, a senior commercial solar consultant at JK Renewables. (Reuters)
Silver-linked equities moved with the metal. The iShares Silver Trust (SLV) was up about 1.3% in late U.S. trade, while Pan American Silver, First Majestic Silver and Hecla Mining gained between roughly 3% and 10% in the session.
What comes next is Friday, February 20, at 8:30 a.m. ET: the Bureau of Economic Analysis releases both the advance GDP estimate for the fourth quarter and the Personal Income and Outlays report, which includes the PCE price index watched closely by the Fed. (Bureau of Economic Analysis)
