Gold and silver futures are experiencing significant downward pressure on the Multi Commodity Exchange (MCX) today, February 17, 2026. This retreat follows a period of intense volatility and is primarily driven by a recovering U.S. Dollar and a seasonal lull in Asian physical demand. Gold prices for the April delivery contract dropped approximately 0.8% to hover around 1,53,550 per 10 grams. In major retail hubs like Mumbai and Delhi, 24-carat gold is retailing between 1,54,680 and 1,54,950, while southern markets in Chennai maintain a slight premium near 1,55,400. Globally, spot gold has slipped below the psychologically significant 5,000 mark, trading near 4,948 per ounce as traders pivot toward the greenback. Silver has seen a much steeper decline, continuing a trend of high-magnitude swings. March silver futures on the MCX fell 2% to reach 2,35,206 per kg. The white metal has struggled to find a floor after crashing from its January peaks, with some domestic spot rates falling toward 2,50,000 per kg inclusive of taxes. In international markets, spot silver has retreated to approximately 74.50 per ounce, down nearly 2.7% in a single session. The Dollar Index has climbed above 97.15, marking a 2% jump that makes bullion more expensive for holders of other currencies. This move is supported by stronger-than-expected U.S. labor data and a cooling but persistent inflation rate of 2.4%. Market participants are recalibrating their expectations for Federal Reserve policy, with a potential interest rate cut now increasingly anticipated for the second half of the year rather than the first quarter. Liquidity remains thin due to the Lunar New Year holidays, with major physical markets in China, Hong Kong, and Singapore closed for the week. The absence of Chinese buyers, who have been central to the recent rally, has removed a key support pillar for both metals. Technical indicators suggest gold has immediate support near the 1,53,150 level, while silver faces a critical support zone between 2,28,800 and 2,34,000. While long-term industrial demand for silver remains high due to its role in green energy and data centers, the short-term outlook is characterized by profit-booking and defensive positioning. Investors are currently focused on upcoming U.S. GDP data and the Personal Consumption Expenditures (PCE) index for further direction.