Spot silver prices moved lower on Monday, February 16, 2026, in a session characterized by thin liquidity and heightened volatility. The precious metal concluded the day down 1.3%, last quoted at $76.32 per ounce. Trading activity was subdued as U.S. financial markets were closed in observance of Washington's Birthday, leading to a significant reduction in market depth and participation.
The metal experienced wide price swings throughout the day, touching an intraday low of $74.60 before rallying to a session high of $78.28. This range of nearly $3.68 per ounce highlighted the amplified volatility that can occur when normal trading volumes are absent. The price action was influenced by a combination of currency market movements and the technical dynamics of a holiday-thinned marketplace.
With major U.S. exchanges shuttered, silver-focused exchange-traded funds and mining equities were inactive. Products like the iShares Silver Trust, which closed the previous Friday at $69.72 after gaining 2.94%, saw no trading. The fund reported holdings of 16,041.73 tonnes of silver as of February 13. The absence of these key market participants shifted all trading activity to the spot and futures markets, which handled the limited order flow.
Analysts noted that silver continues to serve dual roles in the current economic environment. It functions as a traditional safe-haven asset during periods of market stress, while also maintaining its crucial industrial demand profile when economic growth is robust. In low-liquidity conditions, these competing fundamental forces can create sharp intraday price movements, even if the net change by the session's end appears modest.
According to Reuters data, spot silver was down 2% at $75.83 by 1619 GMT, giving back some of Friday's 3.4% surge. The stronger U.S. dollar contributed to the downward pressure on dollar-denominated commodities. Giovanni Staunovo of UBS observed that gold, silver's sister metal, was "range-trading around $5,000/oz" during the sluggish week. Zain Vawda of MarketPulse by OANDA added that "any sign of a strong economy reduces silver's safe-haven appeal relative to gold." Gold itself dropped 1.3% to $4,976 an ounce, while platinum and palladium also traded lower.
The trading week is expected to gain momentum following the holiday closure. Market attention is firmly fixed on several key economic releases. January retail sales figures are scheduled for release on Tuesday, followed by the first estimate of fourth-quarter GDP on Friday. Both data points possess the potential to move Treasury yields and the U.S. dollar, which are primary drivers for precious metals pricing. Scotiabank analysts highlighted that stronger-than-expected data could bolster the dollar and push yields higher, potentially pressuring silver back toward the lower end of Monday's trading range, especially if risk appetite remains steady and safe-haven demand ebbs.
However, the most anticipated event of the week will occur on Wednesday afternoon. The Federal Reserve is set to publish the minutes from its January 27–28 policy meeting at 2 p.m. Eastern Time. This document will provide market participants with crucial details regarding how policymakers assessed recent inflation trends and economic growth during their deliberations. Traders will scrutinize the language for clues about the central bank's future interest rate path and its balance sheet policy. The insights could significantly influence market expectations for monetary policy in 2026 and beyond.
The immediate technical landscape for silver remains uncertain following Monday's wide-ranging session. The metal's ability to hold above key support levels will likely depend on the confluence of dollar strength, real yield movements, and the broader market's interpretation of the upcoming economic data and Fed communications. With trading volumes expected to return to normal levels, the market's reaction to these catalysts will provide clearer directional signals for the precious metal complex in the days ahead.
