Silver rate today: White metal Silver edged higher on Wednesday, February 18, while gold traded added 1% amid thin volumes, as several major Asian markets remained shut for the Lunar New Year holidays. A firmer US dollar and signs of progress in US–Iran talks also capped any meaningful upside in precious metals.
MCX silver rate rose as much as 2.14% to its day’s high of ₹2,33,673 per kg while the MCX gold rate added 1.2% to its intra-day high of ₹1,53,303 per 10 grams.
Meanwhile, in the international markets, Spot silver slipped 0.8% to $72.86 per ounce, following a sharp decline of more than 4% in the previous session. Spot gold edged up 0.2% to $4,886.69 per ounce by 0110 GMT, after tumbling more than 2% on Tuesday to its lowest level in over a week. Meanwhile, US gold futures for April delivery were little changed at USD $4,904.50 per ounce.
Trading in precious metals has remained unusually volatile since the sharp sell-off seen at the beginning of the month, which followed a historic rally that pushed gold and silver to record highs.
Among other precious metals, spot platinum advanced 0.9% to $2,025.80 per ounce, while palladium rose 0.5% to $1,690.54 per ounce.
The US dollar held firm as geopolitical uncertainties kept investors cautious, while markets awaited the minutes of the Federal Reserve’s January policy meeting for further clarity on the outlook for interest rate cuts. At the same time, market participation remained muted as exchanges in mainland China, Hong Kong, Singapore, Taiwan and South Korea stayed closed for the Lunar New Year, resulting in low trading volumes.
Adding to the cautious tone, Iran and the United States reached an understanding on the main “guiding principles” during talks aimed at resolving their long-standing nuclear dispute. However, Iranian Foreign Minister Abbas Araqchi cautioned that this did not signal an imminent deal.
Gold and silver had surged to all-time highs in late January, driven by a powerful rally, but overheated conditions triggered a swift correction. While prices have recovered some ground since then, analysts say the market is yet to establish a clear support level, keeping near-term volatility elevated.
What lies ahead?
Precious metals recovered amid thin liquidity, with analysts pointing to a mix of macro cues and positioning trends driving near-term volatility in gold and silver.
Kaveri More, Commodity Analyst at Choice Broking, said, “Technically, gold has hovered around its 20-DEMA after failing to hold key support last week. Both precious metals struggled near critical levels amid declining open interest from long unwinding. Watch ₹1,49,000 as pivotal support in gold and ₹2,25,000 in silver.”
More noted that speculative positioning has weakened notably, with the latest CFTC Commitment of Traders data showing a sharp reduction in bullish bets. Non-commercial traders cut net long silver futures by 2,922 contracts to 22,955 as of February 9, 2026, marking a two-year low, while COMEX gold net longs were also reduced, indicating fading optimism.
Meanwhile, Hareesh V, Head of Commodity Research at Geojit Investments, said, “Despite the prevailing pressure, downside in precious metals may remain limited, as escalating tensions between the US and Iran continue to provide a firm geopolitical floor, even as traders await FOMC minutes and GDP data for clearer policy cues.”
Hareesh explained that with U.S. markets reopening and Asian liquidity gradually returning post the Lunar New Year holidays, price action is likely to remain range-bound in the near term. He further noted that traders are largely adjusting positions ahead of key U.S. macro releases, with fresh directional bets expected only once clarity emerges on the Federal Reserve’s policy trajectory.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
