Gold and silver are under heavy pressure today as broad selling accelerates across precious metals. By mid-afternoon in New York (around 2:06 PM ET), gold futures dropped to $4,914/oz, down roughly 2.6% on the day, while silver futures slid to $73.83/oz, falling more than 5.3%, as downside momentum intensified. (COMEX pricing, Feb 17, 2026)
5 key drivers behind today’s move
1) Broad liquidation pressure
Today’s decline reflects aggressive risk reduction rather than a single headline catalyst. Traders are trimming exposure across commodities, and precious metals are seeing spillover selling as positions unwind.
2) Rising real yields
Treasury yields remain elevated, keeping pressure on non-yielding assets. When real rates rise, gold and silver often struggle as the opportunity cost of holding them increases.
3) Firm U.S. dollar
The U.S. dollar continues to hold strength, weighing on metals. A stronger dollar makes gold and silver more expensive globally and tends to pressure futures pricing.
4) Technical breakdown levels triggered
Gold slipping decisively below the $5,000 level sparked additional technical selling. Silver breaking under the mid-$75 zone accelerated downside momentum as stops were triggered.
5) Silver volatility amplifying the move
Silver is once again exaggerating gold’s move. With thinner liquidity and more speculative positioning, silver tends to experience sharper percentage swings during liquidation phases.
What to watch next (quick checklist)
- Whether gold stabilizes near the $4,900 level
- If silver finds support in the low-$70s
- U.S. dollar direction into the close
- Treasury yield and real-rate movement
- Signs of short-covering vs. continued downside pressure
Bottom line
On Feb 17, 2026, gold and silver are selling off sharply as elevated yields, a firm dollar, and technical breakdowns fuel broad liquidation. Today’s move reflects momentum-driven positioning pressure rather than a structural shift in the longer-term metals narrative — but near-term volatility remains elevated.
