Precious metals are witnessing a sharp correction today, February 16, 2026, as investors aggressively book profits following a significant rally in the previous session. On the Multi Commodity Exchange (MCX), gold futures for April 2026 delivery opened lower, dropping by approximately 1,000 to trade near 1,54,905 per 10 grams. This downward movement marks a notable shift in sentiment as the market enters a consolidation phase. Silver is facing even steeper selling pressure, crashing by 3.3% in early trade. MCX silver futures for March 2026 have plummeted by over 8,200, sliding below the 2,50,000 mark to trade around 2,36,100 per kg. This correction reflects a broader trend of "futures market capitulation" after the metal hit multi-month highs in recent weeks. In international markets, spot gold has slipped below the 5,030 per ounce level, currently struggling around 5,010. Spot silver is also down more than 3%, trading near 75.35 per ounce. These declines follow a strong Friday session where cooler-than-expected US inflation data initially fueled hopes for more aggressive interest rate cuts by the Federal Reserve. The primary driver for today’s pullback is a strengthening US Dollar Index, which has climbed toward 97.00. A firmer dollar typically makes bullion more expensive for holders of other currencies, dampening demand. Furthermore, market participants are now shifting their focus to upcoming catalysts, including the Federal Reserve’s meeting minutes and US GDP advance estimates due later this week. Despite the current volatility, structural support for precious metals remains in place. Central bank buying continues to be a major factor, alongside geopolitical tensions and a general flight from sovereign bonds. Analysts observe that while the immediate trend is bearish due to technical profit-taking, the long-term outlook is supported by global economic uncertainty and persistent trade frictions. In the physical market, 24K gold is retailing near 1,57,890 per 10 grams in major Indian cities like Mumbai and Delhi, while Chennai continues to see slightly higher rates at 1,59,119. Silver rates in the physical retail market are hovering around 2,74,900 per kg, though traditional premiums in southern hubs have largely eroded during this sell-off. Traders are now watching key support levels closely. For gold, the range of 1,53,150 to 1,54,400 is considered a critical floor, while silver is looking for support between 2,32,000 and 2,38,800. Any break below these levels could signal further downside in the near term.