New York, February 19, 2026, 16:24 EST — Trading after the bell.
- Spot silver climbed 1.47% to $78.21 an ounce late in U.S. trading, having traded as low as $76.37 and as high as $79.60 during the session.
- Precious metals got a lift from safe-haven flows, with traders eyeing both U.S.-Iran friction and fresh cues from the Federal Reserve on interest rates.
- Attention shifts to Friday, with traders eyeing the U.S. inflation gauge and growth figures for any signals on where rates might head next.
Spot silver gained 1.47%, reaching $78.21 an ounce for immediate delivery by 4:07 p.m. EST, according to Kitco. Prices ranged from $76.37 up to $79.60 during the session.
Silver’s caught in the same crosscurrents as gold — rate bets, geopolitical jitters — but unlike gold, it’s got a hefty industrial side, too. That combo leaves it especially twitchy as traders weigh what’s really in the driver’s seat right now: inflation, growth, or whatever’s in the headlines.
Friday brings a packed calendar, with a pivotal inflation report expected to hit just as major U.S. growth numbers land. Traders are watching: that one-two punch can jolt the dollar and bond yields, both crucial for silver prices.
Spot silver climbed 0.6% to $77.66 earlier in the session, following a surge of over 5% on Wednesday, Reuters reported. “We’re being whipsawed and moving sideways with volatility,” said Daniel Pavilonis, senior market strategist at RJO Futures. Reuters
Silver doesn’t throw off any interest, so rising yields tend to nibble away at demand. But when traders double down on rate-cut hopes, bids usually follow, and this week the metal’s been moving almost tick-for-tick in sync with those expectations.
The dollar extended its climb, putting additional pressure on metals priced in the U.S. currency as they become costlier for overseas buyers. The dollar index added 0.19% to 97.88. “That’s why we’re headed back to a range,” said Joseph Trevisani, senior analyst at FXStreet in New York. Reuters
The rate conversation picked up another data point Thursday after initial jobless claims dropped by 23,000, landing at 206,000 for the week ended Feb. 14—well below what economists had penciled in, according to Reuters.
The Fed’s minutes, published Wednesday, highlighted a divided committee: “several” policymakers signaled willingness to raise rates should inflation persist, while others remain inclined to cut if price pressures abate. The central bank kept its benchmark rate at 3.50%-3.75%. The next policy meeting is set for March 17–18. Reuters
Still, silver faces some headwinds here. If Friday’s inflation numbers surprise to the upside, yields and the dollar could easily climb. That would put pressure on bids, more so if the Middle East risk premium fades in tandem.
On top of the big-picture moves, a demand question is back in the spotlight for the metal: Are higher prices finally going to make major buyers look elsewhere? Some solar manufacturers already are. As costs climb, they’re ramping up attempts to swap silver for copper in certain panel parts. “Silver is the greatest contributor to the increased cost of manufacturing solar panels,” said Derek Schnee, senior commercial solar consultant at JK Renewables. Reuters
Shares tied to silver tracked the metal’s jump. The iShares Silver Trust (SLV) added around 1.3% late in U.S. trading. Pan American Silver, First Majestic Silver, and Hecla Mining booked gains in the 3% to 10% range during the session.
Friday, February 20, 8:30 a.m. ET—mark it. That’s when the Bureau of Economic Analysis is set to drop the advance GDP read for the fourth quarter, alongside its Personal Income and Outlays data. The release also covers the PCE price index, a key inflation gauge on the Fed’s radar.
