The Multi Commodity Exchange (MCX) and National Stock Exchange (NSE) have officially withdrawn additional margins on gold and silver futures, effective today, February 19, 2026. This tactical reversal marks the end of heightened risk controls introduced earlier this month to combat extreme price swings. The clearing corporations have scrapped the 3% additional margin on all gold futures variants and the 7% extra levy on silver contracts. This rollback significantly lowers capital requirements for traders, with the primary goal of boosting market liquidity and improving capital efficiency for leveraged participants. This policy shift follows a substantial correction in bullion prices from their historic peaks. Gold has retreated nearly 20% from its record high of 1.93 lakh per 10 grams, currently trading near 1.56 lakh in domestic markets. International spot gold is hovering around $4,961 an ounce, down from levels exceeding $5,100 seen earlier this year. Silver has experienced a much sharper downturn. After a historic single-day crash of 27% on January 31, the metal has fallen approximately 42% from its peak of 4.20 lakh per kilogram. Domestic silver futures are now positioned around 2.43 lakh per kg, while international prices have stabilized near $76 per ounce, down from a high of $120. The removal of these curbs is expected to encourage fresh positions and higher intraday activity. While volatility remains present due to geopolitical tensions and U.S. economic indicators, the decline in daily price ranges suggests a relative stabilization compared to the chaotic trading environment of late January. Market participants are currently monitoring the U.S. Dollar Index and Treasury yields, which continue to influence precious metals. Despite the recent price cooling, global demand remains supported by central bank purchases and persistent safe-haven interest amid ongoing trade and tariff uncertainties.