Today’s gold and silver rates: On Wednesday, February 18, as many Asian markets stayed closed for the Lunar New Year holidays, gold and silver prices resumed their downward trend for the third consecutive session.
During Wednesday’s Asian trading hours, spot silver prices dropped more than 1% to $72.30 an ounce, while spot gold prices were trading at $4,901 an ounce.
The price of gold is still 15% less than its peak of $5,626.80 an ounce. However, silver prices have dropped 67% from their peak of $121.78 an ounce.
What is influencing the current price of gold and silver?
As a stronger US currency increased the cost of dollar-denominated commodities for investors holding other currencies, safe-haven assets came under intense selling pressure. A further 0.40% increase in the US dollar index to 97.28 weighed on the metals rise.
Holidays in major markets also resulted in less liquidity, which kept prices under pressure. For the Lunar New Year holidays, the markets in China, Hong Kong, Singapore, Taiwan, and South Korea were closed.
Investor attention is now focused on the Federal Reserve’s January meeting minutes, which are expected to be released on Wednesday and could provide more clues about the central bank’s future policy stance.
In terms of geopolitics, the United States and Iran are scheduled to have indirect nuclear talks in Geneva on Tuesday. Despite Washington’s increasing military presence in the Middle East, there has been little indication of any progress thus far.
Even with the current pressure, there may not be much more decline in precious metals because rising US-Iranian tensions continue to offer a solid geopolitical foundation. According to Hareesh V, Head of Commodity Research at Geojit Investments Limited, traders generally seem to be readjusting their positions in light of low liquidity and impending macro triggers, awaiting more lucid signals before placing new directional bets in gold and silver.
Outlook for gold and silver prices
Commodity analyst Kaveri More of Choice Broking claims that last week, precious metals traders reduced their bullish wagers. As of February 9, 2026, non-commercial traders cut their net long silver futures positions by 2,922 contracts to 22,955, which was a two-year low. In a similar vein, COMEX traders drastically reduced their net long gold holdings, indicating a decline in optimism, he continued.
Technically speaking, More stated, “Gold has been circling its 20-DEMA since it was unable to hold important support last week. During extended unwinding, both precious metals battled near critical levels as open interest (OI) declined. Watch for a breach below the critical support levels of 149,000 in gold and 225,000 in silver, which might hasten further downward pressure.
Ponmudi R, CEO of Enrich Money, thinks that the current decline in gold prices is mostly due to profit booking and sound price consolidation, and that the overall upward trend is still in place.
According to Ponmudi, the correction might be maturing because prices are still trading above important moving averages. The $4,500–$4,700 support band shows strong purchasing activity, and if it remains stable above this range, it may open the door for more upward momentum. According to him, a break over $5,200–$5,300 would pave the way for a retest of all-time highs.
Regarding the prospects for silver prices, he believed that while the larger bullish structure holds up over longer timeframes, the steep decline has driven prices below important moving averages, signaling both a prolonged corrective phase and short-term bearish pressure.
The $65–$70 support range, which is in line with previous swing lows and long-term trend support, shows strong buying activity. A recovery and closing above $85–$92 after a prolonged hold above this base would rekindle the upward momentum toward $95–$105 and possibly retest earlier highs.
Despite increased volatility, the medium- to long-term picture is still positive due to stable industrial demand and structural supply limits, he continued.
