Precious Metals Market Update: 2/20/2026

The precious metals complex experienced a highly dynamic session on Friday, February 20th, 2026, as a pivotal U.S. inflation report and a consequential Supreme Court decision on trade policy spurred significant capital flows across the metals landscape. The highly anticipated Personal Consumption Expenditures (PCE) price index served as the primary macroeconomic catalyst, while renewed clarity on U.S. tariff authority added another layer of geopolitical and industrial demand expectations.

Gold rallied sharply following the data release, surging 2.42%, easily eclipsing the $5,000 threshold and blasting through $5,100 to close near $5,118. This powerful breakout underscores institutional conviction that a supportive monetary policy environment will persist, driving renewed demand for the ultimate safe-haven asset. Lower Treasury yields and a softer U.S. Dollar following the inflation print further amplified buying pressure.

Silver participated strongly in the advance, rising alongside gold and finishing the session higher near $85.32. Rather than decoupling, the white metal benefited from a dual tailwind: monetary demand tied to gold’s breakout and renewed industrial optimism following the Supreme Court’s ruling affecting Trump-era tariffs. The decision introduced expectations of shifting global trade flows and potential supply chain realignment, which traders interpreted as supportive for industrial metals demand. With silver sitting at the intersection of monetary and industrial use, capital flowed aggressively back into the metal, reinforcing bullish momentum.

Meanwhile, the industrial metals posted spectacular advances, absorbing a significant share of the day’s risk-on sentiment. Palladium exploded 5.22% higher to clear $1,780, and platinum jumped 4.37% to firmly reclaim the $2,170 level. The aggressive bidding in the PGM sector highlights a return of speculative appetite and industrial hedging following both the favorable inflation data and evolving trade policy expectations.

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Key Drivers:

• PCE Inflation Data: The primary engine for Friday's broad surge in gold bars and the platinum group metals was the U.S. PCE inflation report. As the Federal Reserve's preferred gauge, the data aligned with market expectations of cooling inflation, reinforcing the narrative that the central bank's policy will remain accommodative. This triggered a decline in the U.S. Dollar Index and Treasury yields, creating an ideal runway for gold to break out past $5,100.

• SCOTUS Tariff Decision Impact: Markets reacted swiftly to the Supreme Court’s ruling addressing the legal framework surrounding Trump-era tariffs. The decision reshaped expectations regarding the durability of U.S. trade policy and potential adjustments to import structures. This decision was largely priced into the markets already but led to some moves as the decision was confirmed.

• PGM Catch-Up Rally: The robust 4.37% gain in platinum and 5.22% surge in palladium were driven by aggressive capital rotation. With the macroeconomic outlook clarified by the PCE print, value investors and industrial buyers stepped heavily into the deeply discounted PGM sector. The sharp upward velocity suggests a combination of fresh long positioning and the unwinding of remaining short exposure.

Looking Ahead:

Market participants enter the weekend assessing the technical breakouts and preparing for a return to full global trading volume next week.

• Return of Asian Markets: With the Lunar New Year holiday concluding, Chinese and broader Asian markets will fully reopen on Monday, February 23rd. Traders will closely monitor how Asian physical demand responds to gold's newly established position above $5,100.

• Technical Support Zones: Next week, technical analysts will look for gold to successfully defend the $5,100 level as new support. For silver, maintaining structural support above $80.00 will be critical to confirming that the recent advance represents continuation momentum within a broader uptrend rather than short-term speculative positioning.

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