Gold and silver are surging today as safe-haven demand ramps up and the U.S. dollar softens. By mid-to-late afternoon in New York, gold spot is up ~2.6% while silver is up ~5%, with silver once again showing its higher “beta” behavior.
Pricing snapshot (JM Bullion live spot quotes):
- Gold: $5,248.97/oz, +$132.48 (+2.59%) (as of Feb 23, 2026 ~3:53 PM ET)
- Silver: $89.36/oz, +$4.32 (+5.08%) (as of Feb 23, 2026 ~4:13 PM ET)
5 key drivers behind today’s move
1) Softer dollar = immediate tailwind for metals
The U.S. Dollar Index (DXY) is lower today (97.718, -0.08%), which mechanically supports USD-priced metals like gold and silver.
2) Yields easing (and rate expectations) are supportive
Falling/softening yields reduce the “opportunity cost” of holding non-yielding metals. This morning’s market recap flagged the U.S. 10-year yield slipping to ~4.077%.
3) Safe-haven bid: tariffs + geopolitical risk
JM Bullion’s own market notes explicitly point to renewed U.S.–Iran tensions and tariff-related uncertainty as drivers keeping safe-haven flows strong.
Broader market coverage also describes investors rotating toward gold amid escalating trade-war headlines and volatility.
4) Silver’s higher beta is showing again
With gold breaking higher, silver is doing what it often does in strong tapes—outperforming with a larger percentage move. That extra juice is part liquidity, part momentum chasing, and part positioning.
5) Technicals + flows can accelerate gains once breakouts trigger
When gold is pressing into fresh highs and silver approaches round-number levels (the $90 area is in view), momentum strategies and short covering can add fuel—especially in silver, which can move fast when flows hit.
What to watch next (quick checklist)
- DXY direction + real yields (tailwind vs. headwind)
- Rate-cut/rate-path pricing (Fed expectations)
- Geopolitical + tariff headlines (risk-off intensity)
- Key levels: gold holding above ~$5,200, silver holding/clearing ~$90
- Volatility + positioning (does the move extend or cool into consolidation?)
Bottom line
On Feb 23, 2026, gold ($5,248.97, +2.59%) and silver ($89.36, +5.08%) are sharply higher as a softer dollar, easing yields, and a renewed safe-haven bid tied to tariff/geopolitical uncertainty combine with momentum/technical flows—with silver predictably amplifying the move.
