NEW YORK, Feb 20, 2026, 12:32 (EST) — Regular session
Silver surged over 4% Friday, with spot prices breaking past $82 an ounce. The metal was recently up 4.53% at $82.0605, having swung from $77.4985 to as high as $82.5165 during the session. Thursday’s finish stood at $78.502.
After disappointing U.S. growth data and the Supreme Court’s rejection of President Donald Trump’s broad tariffs, traders pivoted back toward precious metals as a safe haven. The report showed fourth-quarter GDP up just 1.4% on an annualized basis, with December PCE inflation clocking in at 0.4%. Expectations for two Federal Reserve rate cuts of 25 basis points each this year—starting in June—remained unchanged. According to independent metals trader Tai Wong, the court decision “removes uncertainty on most of the Trump tariffs.” RJO Futures strategist Bob Haberkorn, though, pointed to ongoing “unknowns and uncertainties.” Spot gold jumped 1% to $5,047.10, while platinum and palladium tracked higher as well. Reuters
The currency market didn’t sit still—dollar index slipped 0.22% to 97.68. Odds for a June Fed rate cut of at least 25 basis points now sit at 53.6%, a drop from 58.6% just yesterday, CME FedWatch data shows. Erik Bregar, who oversees FX and precious metals risk at Silver Gold Bull, called out the “sell America” move, saying it ran too far, too fast, as traders also kept an eye on the U.S.-Iran situation. Reuters
The surge in silver prices spilled over into the iShares Silver Trust, the most actively traded silver ETF. Its shares climbed roughly 5% to $74.66, up from a previous close of $71.01, after moving between $72.26 and $74.93 earlier. The fund is designed to mirror silver bullion’s daily moves.
Outside the macro picture, things are heating up in industrials. Solar panel producers are ramping up the shift to copper, ditching silver after a roughly 130% price surge over the last year that’s putting the squeeze on profit margins, according to industry experts. “Silver is the greatest contributor to the increased cost of manufacturing solar panels,” said Derek Schnee at JK Renewables. Rystad Energy’s Marius Mordal Bakke added, “broader industry shifts are expected this year.” The report pointed out that silver paste accounts for around 30% of total solar cell costs, while the photovoltaic sector now makes up 196 million troy ounces, which is 17% of total silver demand. Investing.com
The rate equation could just as easily swing the other way for silver. According to minutes from the Fed’s Jan. 27–28 meeting, inflation “remains somewhat elevated” and uncertainty “remains elevated.” The policy rate stayed in a 3.5% to 3.75% range, with markets still leaning toward just one or two 25-basis-point cuts this year. But if inflation proves stubborn and rate cuts slip further out, stronger yields and a tougher dollar may weigh on silver, which doesn’t offer any yield. Federal Reserve
Silver hit $80.46 an ounce at 8:30 a.m. ET earlier in the session, Fortune said, marking a $2.40 rise from where it stood 24 hours ago. According to the same report, that’s a jump of over $47 per ounce compared to this time last year.
Eyes shift to the Fed’s March 17–18 policy meeting, which will bring updated economic projections. In the meantime, U.S. rates and the dollar remain in focus for traders following the tariff decision, while silver keeps swinging on every fresh headline.
