New York, Feb 17, 2026, 12:11 ET — Regular session
- Spot silver dropped 3.8% to $73.67 an ounce during U.S. trading, after earlier touching $71.92.
- SLV, the largest silver ETF in the U.S., dropped roughly 5% this day, pressured by a stronger dollar and fading safe-haven appetite.
- Attention turns next to Wednesday’s Fed minutes, with U.S. PCE inflation data still coming up this week.
Silver tumbled Tuesday, with spot prices sliding 3.8% to $73.67 an ounce as of 11:33 a.m. ET—earlier, it dipped as low as $71.92. A stronger dollar combined with momentum in U.S.-Iran nuclear negotiations weighed on appetite for safe havens. “There’s been a lack of fresh bullish fundamental news lately to drive prices still higher,” analyst Jim Wyckoff noted. (Reuters)
This shift is notable—silver often acts as both a safe haven during political flare-ups and as an industrial commodity when economic prospects brighten. But when the dollar strengthens and the news cycle quiets, silver prices can fall sharply. It’s also more volatile than gold.
Thin liquidity isn’t doing any favors. With U.S. markets offline for Presidents Day and China paused for Lunar New Year, bullion volumes have dried up. “Gold is range-trading around $5,000/oz in a week with lower liquidity due to holidays,” UBS analyst Giovanni Staunovo noted. For silver, it’s a different dynamic—OANDA’s Zain Vawda said it’s “a more cyclically sensitive metal,” so it tends to shed its safe-haven appeal faster when growth holds up. (Reuters)
iShares Silver Trust (SLV) dropped nearly 5% to around $66.18 on NYSE Arca during morning hours, as the ETF followed bullion’s move lower. (Bloomberg)
Comex silver futures slumped as well. The March contract was recently quoted around $74.93 per ounce, off roughly 3.9%. (CME Group)
The dollar’s strength is once again taking its toll. With silver priced in dollars, a more robust greenback bumps up the cost for buyers working in other currencies, which can chip away at demand around the edges.
Here’s the catch: silver’s notorious volatility swings both directions. Should talks break down or the dollar slip on weaker U.S. numbers, that same light trading volume that dragged prices lower could just as easily snap them right back up.
The Federal Reserve’s January meeting minutes land on Feb. 18, and investors will be sifting them for any hints about where officials stand on rates and inflation. (Federal Reserve)
The Personal Consumption Expenditures (PCE) price index, favored by the Fed for tracking inflation, is due later this week, with its next scheduled release set for Feb. 20. (Bea)
