New Delhi, India — February 19, 2026
Precious metals rallied sharply Thursday, with domestic futures showing strong gains. On the Multi Commodity Exchange of India (MCX), silver prices surged ₹14,667 to reach ₹2.43 lakh per kilogram, while gold climbed ₹4,282 to ₹1.55 lakh per 10 grams, reflecting renewed investor interest in bullion assets.
Global Market Trend
In international trading, gold prices remained largely steady while silver rebounded after two sessions of decline. Trading activity was relatively limited because several Asian markets were closed for Lunar New Year holidays.
During Asian trading hours, spot gold hovered near $4,980 per ounce, staying below the key $5,000 psychological level. Meanwhile, spot silver jumped to around $76 per ounce, signaling renewed momentum in the metal.
Focus Shifts to US Interest Rate Outlook
Investor attention is now centered on upcoming monetary policy signals from the Federal Reserve. Minutes from the Fed’s latest meeting suggested policymakers remain cautious about cutting interest rates sooner than expected.
This uncertainty has increased volatility across commodities, as interest rate expectations strongly influence precious metal demand.
Strong US Data Pressures Metals
Recent economic indicators from the United States showed resilience, supporting the dollar and weighing on bullion sentiment. Industrial production recorded its largest gain in nearly a year, and core capital goods orders rose more than forecast in December — signs of continued economic strength.
Geopolitical Developments Also in Play
Market sentiment was also influenced by reports that Iran and the United States have agreed on guiding principles for future nuclear negotiations. Such geopolitical developments often affect safe-haven assets like gold and silver.
Analyst Insight
According to Rajeev Verma, owner of Lalsons Jewellers in Karol Bagh, bullion prices recovered after two sessions of losses. He noted that traders are now watching key macro indicators — including FOMC signals, US Core PCE inflation data, and statements from Fed officials — for clues about future policy direction.
He added that mixed signals from policymakers, such as holding rates steady for longer while considering cuts once inflation approaches 2%, will likely determine short-term price trends.
📊 Market Takeaway
Silver showed stronger momentum than gold in the latest session.
Limited global trading volume amplified price swings.
Interest rate expectations remain the biggest driver of bullion direction.
