New York, February 20, 2026, 17:16 (EST) — After-hours
- Spot silver surged 5.8% to $82.92 an ounce by early afternoon.
- iShares Silver Trust (SLV) ended the session up 7.9% at $76.62, with after-hours trades hovering near $76.78
- Coming up: U.S. PPI data lands Feb. 27, with the March 13 PCE inflation report also on tap.
Silver prices jumped 5.8% to $82.92 an ounce by early Friday afternoon. The iShares Silver Trust ETF (SLV) finished the regular session up 7.9% at $76.62, moving up from its previous close of $71.01. In after-hours trading, SLV was last changing hands near $76.78. 1
Silver surged, grabbing attention in a market that’s been anything but steady—prices still sit 10.57% lower for the month, despite Friday’s bounce. The metal carries a reputation as a safe harbor when investors get nervous, yet its big role in industry throws volatility into the mix. 2
It was a busy day for catalysts on Friday. U.S. GDP clocked in at a 1.4% annualized pace for the fourth quarter, Reuters reported. The numbers followed a 43-day government shutdown, which triggered the steepest cut in federal spending since 1972. “The core of the economy is resilient,” said Michael Pearce, chief U.S. economist at Oxford Economics, though he cautioned inflation is still running too hot for the Fed to consider easing any time soon. 3
Inflation came in above expectations. Core PCE, the Federal Reserve’s go-to inflation measure, climbed 0.4% in December, putting it 3.0% higher than the same month last year. The broader PCE inflation number hit 2.9% year-over-year. A spike in legal-services prices made a noticeable impact — “It is worth about 10 basis points on core PCE inflation,” said Barclays economist Pooja Sriram. For reference, a basis point equals one-hundredth of a percentage point. 4
Trade policy just got more complicated. The U.S. Supreme Court tossed out Trump’s broad tariffs imposed via the International Emergency Economic Powers Act, ruling he overstepped. Trump responded, vowing to look for “other alternatives” to maintain pressure on U.S. trading partners. He also rolled out a 10% global tariff using a different law, injecting another dose of uncertainty into markets already wrestling with inflation and growth risks. 5
Silver was already on the move before U.S. markets wrapped up. At 8:30 a.m. Eastern, Fortune’s daily snapshot put the metal at $80.46 an ounce. “Spot” is the term for the cash price, immediate delivery—though physical buyers usually pay more to factor in shipping or insurance. 6
Still, it’s hardly a one-way street. Persistent inflation, keeping real yields elevated, could end up limiting appetite for non-yielding metals such as silver—even as the outlook for growth dims. 7
Eyes shift to fresh inflation signals coming up: the U.S. producer price index for January drops Feb. 27, with the next PCE data landing March 13. Both will play into how traders recalibrate their Fed rate-cut wagers — and could decide if Friday’s rally in silver sticks around. 8
