Gold, silver rates today: Gold and silver prices continued their downward momentum for the third straight session on Wednesday, February 18, as many Asian markets remained closed for the Lunar New Year holidays.
Spot gold prices were trading at $4,901 per ounce, while spot silver prices fell over 1% to $72.30 per ounce during Asian trading hours on Wednesday.
Gold prices are still 15% below their all-time high of $5,626.80 per ounce. On the other hand, silver prices are 67% below their record high of $121.78 per ounce.
What’s driving gold and silver prices today?
Safe-haven assets faced significant selling pressure as a stronger US dollar made dollar-denominated commodities costlier for investors holding other currencies. The US dollar index climbed another 0.40% to 97.28, weighing on the metals rally.
Meanwhile, reduced liquidity due to holidays in key markets kept prices under pressure. The markets in China, Hong Kong, Singapore, Taiwan, and South Koreawere closed for the Lunar New Year celebrations.
Investor focus has now shifted to the minutes of the January meeting of the Federal Reserve, scheduled for release on Wednesday, which may offer additional signals on the central bank’s future policy direction.
On the geopolitical front, the United States and Iran are set to hold indirect nuclear discussions in Geneva on Tuesday, with little evidence so far of any breakthrough, even as Washington builds up military presence in the Middle East.
“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. Overall, traders appear to be adjusting positions amid low liquidity and upcoming macro triggers, waiting for clearer cues before taking fresh directional bets in gold and silver,” said Hareesh V, Head of Commodity Research, Geojit Investments Limited.
Gold and silver prices outlook
According to Kaveri More, Commodity Analyst at Choice Broking, precious metals speculators trimmed bullish bets last week. Non-commercial traders reduced their net long silver futures positions by 2,922 contracts to 22,955 as of February 9, 2026, a two-year low. COMEX speculators similarly cut their net long gold positions significantly, signalling waning optimism, he added.
On the technical front, More said, “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 (OI) from long unwinding. Watch 149,000 as pivotal support in gold and 225,000 in silver if it breaks below could accelerate more downside pressure.”
Meanwhile, Ponmudi R, CEO of Enrich Money, believes that the broader uptrend remains intact in gold prices, with the recent pullback largely reflecting profit booking and healthy price consolidation.
Ponmudi noted that prices continue to trade above key moving averages, suggesting the correction may be maturing. Strong buying interest is visible in the $4,500–$4,700 support band, and sustained stability above this zone could pave the way for renewed upside momentum. A breakout above $5,200–$5,300 would open the path toward a retest of record highs, he said.
On the silver prices outlook, he opined that the broader bullish structure remains intact on higher timeframes, the sharp pullback has pushed prices below key moving averages, indicating short-term bearish pressure and an extended corrective phase.
“Strong buying interest is visible in the $65–$70 support band, aligned with prior swing lows and long-term trend support. A sustained hold above this base, followed by a recovery and close above $85–$92, could reignite upside momentum toward $95–$105 and potentially retest previous highs. The medium- to long-term outlook remains constructive, supported by steady industrial demand and structural supply constraints, despite elevated volatility,” he added.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
