Precious Metals Market Update: 2/17/2026

The return of U.S. liquidity following the Presidents' Day holiday brought a sharp wave of selling to the precious metals complex on Tuesday, February 17th, 2026. As North American desks fully reopened, traders aggressively sold into the gains made during the holiday-thinned sessions, driving Gold down over 2%. The yellow metal surrendered the $4,900 level, erasing the optimism from late last week and signaling a rejection of the recent move toward $5,000.

Silver followed gold lower, dropping nearly 3% to break back below the $75.00 support level. The white metal’s decline reflects a swift shift in sentiment as "risk-off" flows dominated the session. Platinum ended the day flat to slightly negative, showing relative resilience compared to the monetary metals. However, Palladium once again decoupled from the broader trend, posting a modest gain of roughly 0.7%. This divergence suggests that while macro headwinds are pressuring gold and silver, specific supply-side dynamics continue to support the palladium market.

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Key Drivers:

• Return of US Liquidity & Yields: The primary driver of the sell-off was the full return of U.S. market participants. Upon reopening, bond yields reportedly ticked higher, increasing the opportunity cost of holding non-yielding assets. This prompted institutional sellers to unwind long positions established during the low-volume holiday session, creating a "sell the news" reaction in gold bars that drove prices through key technical supports.

• Technical Rejection at $5,000: Gold’s inability to sustain momentum above the $5,000 psychological level during the holiday break invited technical selling. As prices slipped below $4,950 early in the New York session, algorithmic models flipped to a bearish bias, accelerating the decline. The breach of $4,900 likely triggered stop-loss orders from leveraged longs who had chased the market late last week.

• Palladium Divergence: Palladium’s ability to close in the green (+0.69%) despite the broader rout highlights its unique positioning. Analysts point to continued concerns over physical availability and short-covering as reasons for its outperformance. While speculative money fled silver coins and gold, industrial buyers appeared to step in to support palladium on dips.

Looking Ahead:

Market focus now shifts to the Federal Reserve as traders look for clues to validate today’s bond market moves.

• FOMC Minutes (Wednesday): The minutes of the latest Federal Open Market Committee meeting are scheduled for release tomorrow. Investors will scrutinize the text for any dissent regarding the path of interest rate cuts. A hawkish tone could deepen the correction in gold, while a dovish surprise might help prices stabilize above $4,850.

• Support Levels: Traders will be watching to see whether silver can hold $74.00 and whether gold can find a floor near $4,880. A daily close below these zones would open the door to a retest of the February lows.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Market data and prices are subject to change.