Precious metals markets are witnessing a period of high intensity as of Friday, February 13, 2026. Following a week of significant price swings, gold and silver are attempting to find a floor after a sharp sell-off triggered by a resilient U.S. labor market. Spot gold is currently hovering near **$4,980 per ounce**, a notable decline from the record highs above **$5,600** seen earlier this year. In domestic markets, 24-carat gold is trading at approximately **₹15,854 per gram**, or **₹158,540 per 10 grams**. This follows a massive single-day plunge where prices dropped by more than **3%** in a matter of hours. Silver has faced even steeper volatility, with futures crashing nearly **9%** on Thursday before stabilizing on Friday. Current silver prices are holding around **$76.50 per ounce** globally. In local markets, silver is priced near **₹2,95,100 per kilogram**, reflecting an aggressive unwind of leveraged positions after the metal's historic rally in 2025. The primary catalyst for this recent volatility was the January U.S. employment report, which showed the economy added **130,000 jobs**—far exceeding the forecasted **70,000**. The unemployment rate unexpectedly fell to **4.3%**, signaling a labor market that remains far tighter than the Federal Reserve anticipated. This data has forced a rapid repricing of interest rate expectations. Markets have slashed the odds of a March rate cut to just **8%**, down from **20%** prior to the jobs report. Investors are now pushing back expectations for the first full **25-basis-point** cut to July, supporting a rebound in the U.S. Dollar Index to the **97.00** level. Despite the recent liquidations, the long-term structural bull case for bullion remains intact. Central bank demand continues to provide a massive floor for the market, with institutions expected to purchase an average of **585 tonnes** per quarter throughout 2026. Several major banks maintain year-end price targets for gold between **$5,400** and **$6,000 per ounce**. Attention now shifts to the upcoming Consumer Price Index (CPI) report. Analysts expect headline inflation to cool from **2.7%** to **2.5%**. If the data confirms a moderating trend, it may revive bets on earlier rate cuts and provide the necessary spark for a gold and silver rebound. For now, the gold-to-silver ratio remains high at roughly **85:1**, signaling that gold continues to outperform its more industrial counterpart in this volatile environment.