Gold And Silver Rate Today: Both Metals In Thin Band Amid Recovery In Dollar After Fed Meeting

Gold and silver prices were both trading in a narrow range after opposite swings on both metals as investors digested lower chance of rate cuts in the US after the Federal Reserve’s January meeting minutes. The rise in the dollar also led to swings in precious metals prices in early trade on domestic markets on February 19, 2026.

On the Multi Commodity Exchange (MCX), gold futures for April delivery were trading at Rs 1.56 lakh for 10 grams, after recovering from a low of Rs 1.55 lakh in early trade. Meanwhile, silver futures for March delivery were trading Rs 2.45 lakh for a kg, receding after rising to Rs 2.46 lakh in early trade. In international markets too, gold prices recovered above $5,000 per ounce, after falling to $4,928 overnight. Meanwhile, silver prices were trading on the COMEX at $77.93, retreating from a high of $78.26.

While gold slipped in early trade after US Federal Open Market Committee’s (FOMC’s) January meeting minutes showed that the panel was divided over the next course of action on interest rates, silver prices remained supported.

Some policymakers feel there is scope for further easing in interest rates if inflation cools. However, others noted that monetary policy tightening could also be on the cards if inflation pressures continue. The Chicago Mercantile Exchange’s (CME’s) FedWatch tool now shows that markets expect three cuts of 25 basis points (bps) each in 2026.

The swing in gold prices was also due to the rise in the dollar to its highest level in over a week. The dollar rose after the FOMC meeting minutes, which made dollar-denominated gold more expensive for investors in other currencies, thereby resulting in a fall in gold prices. The rupee fell to 91.01 against the dollar, rising 22 paisa from its previous close.

However, gold and silver prices recovered after falling in the first half of the month due to demand for safe haven assets as there was no breakthrough in peace talks between Ukraine and Russia. Ukrainian President Volodymyr Zelenskyy expressed that the outcome of the talks in Geneva was dissatisfactory. This was even as the US, the mediator in the talks, said that “meaningful progress” were made in the discussions.

Overall, on domestic markets, gold and silver futures prices remained supported after the withdrawal of additional margins on the precious metals. Exchanges such as MCX and the NSE have withdrawn the 3 per cent extra margin on gold futures and 7 per cent on silver futures. The removal came into effect on February 19, 2026.