New York, Feb 22, 2026, 12:04 (EST) — Market closed.
- Spot silver ended Friday at $84.65 per ounce, jumping 8% for the session.
- Trade-policy news and mixed signals from U.S. growth and inflation figures fueled the action.
- Fed officials take the stage next, with U.S. producer inflation numbers also set for Feb. 27—traders eye both ahead of the session.
Spot silver (XAG/USD) ended Friday at $84.65 an ounce, jumping 8% on the day after fresh tariff headlines and U.S. data reignited interest in precious metals. Weekend trading is closed, leaving traders to watch if gains hold when markets resume. 1
Silver sits at a tricky crossroads these days. On one hand, it’s a go-to haven during political turbulence; on the other, its industrial side means a price swing can quickly ripple through solar costs, plus silver-related stocks and ETFs.
Washington’s latest move and shifting rates drove the action. The U.S. Supreme Court tossed out President Donald Trump’s broad tariffs imposed through the 1977 national-emergency law. Trump then announced plans for a new 10% global tariff, this time under different legislation. “We have to see how Trump responds,” said Erik Bregar, director of FX and precious metals risk management at Silver Gold Bull in Toronto. U.S. GDP growth slowed to a 1.4% annualized pace in the fourth quarter, while core PCE inflation, excluding food and energy, climbed 0.4% in December. The dollar index slipped to 97.80. CME FedWatch pegged the probability of at least a 25-basis-point cut in June at 53.8%, down from 58.6% the previous day. 2
Friday’s sessions saw volatility take center stage again. “The tariff pivot would promote volatility,” said independent metals trader Tai Wong. For RJO Futures strategist Bob Haberkorn, the picture remains murky: “There are still many unknowns and uncertainties around the U.S. economy.” In afternoon trading, spot silver jumped 5.8%, gold moved up 1.5%, and both platinum and palladium logged solid gains. 3
Silver’s wounds from its recent run-up haven’t quite healed. Prices touched an all-time high of $121.6 an ounce on Jan. 29, only to tumble over 25% the very next session as technical selling and a cascade of stop-loss orders forced the metal lower. Saxo Bank’s Ole Hansen described the action as a “massive, massive retail frenzy”, noting that a more sustainable range sits around $60-$70 per ounce. 4
Industrial demand can cut both ways for silver, especially when prices climb. “Silver is the greatest contributor to the increased cost of manufacturing solar panels,” said Derek Schnee, senior commercial solar consultant at JK Renewables, pointing out that manufacturers are increasingly weighing copper-based substitutes. 5
Plenty of rate chatter coming up this week. Fed Governor Christopher Waller gets things started Monday at 8:00 a.m. ET, followed by Vice Chair for Supervision Michelle Bowman, who’s also set to appear later in the week. 6
Politics hasn’t moved out of focus. Trump’s State of the Union address lands Tuesday, adding another variable as investors size up a packed earnings week. Nvidia steps up as the headline act — its results could gauge how hungry the market is for risk and influence flows in safe assets such as silver. 7
The Bureau of Economic Analysis has circled March 13 for the release of the next Personal Consumption Expenditures report, the inflation measure the Fed tracks most closely. 8
First up, Friday brings January’s U.S. producer price index—scheduled for release at 8:30 a.m. ET on Feb. 27—a number with the potential to jolt bond yields and the dollar, with silver prices likely to react. 9
