Silver price today rallies near 9% on Comex; key signals investors should track

• Silver prices surged near 9 percent amid geopolitical tensions
• Stronger US dollar influenced silver's price movement
• Markets await Fed meeting minutes for rate direction signals

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Silver prices surged higher on February 21 amid rising geopolitical tensions and a stronger dollar. The spot metal on Comex was trading at $84.57 per ounce (4:47 am GMT), representing 8.93 percent gain from the previous close.

The domestic futures metal closed the Friday session at Rs 2,53,501 per kilogram, up 3.52 percent from the previous close. Meanwhile, the Indian Bullion Jewellers Association (IBJA) pegged the standard silver price at Rs 2,50,314 per kilogram of 999 purity, up 2.26 percent from the previous close.

Markets await the minutes of the Fed's January meeting for clearer signals on the future trajectory of interest rates, which may determine the next direction for precious metals.

Here's how a kilogram of silver has moved.

Silver prices up — what lies ahead?

The Augmont Bullion report, published on February 20, noted that silver prices moved higher as investor prefered safe-haven assets. The US dollar strengthened, emerging as the dominant factor influencing price action.

While January’s softer inflation data supported expectations of multiple rate cuts this year, strong nonfarm payroll numbers, steady private hiring, and continued economic growth have reduced the likelihood of an aggressive or immediate easing cycle. This shift in expectations has supported the dollar and created headwinds for gold and silver.

Geopolitical developments — including renewed US–Iran nuclear talks and ongoing Russia–Ukraine negotiations — continue to underpin gold’s safe-haven appeal. However, in the current phase, currency movements have had a stronger impact than geopolitical factors.

Markets are now awaiting the minutes of the Federal Reserve’s January meeting for clearer signals on the future interest rate path, which will likely guide the next move in precious metals.

The report predicts silver will trade weak and consolidate in the $70–$90 range (Rs 2,25,000–Rs 2,85,000). A breakdown below $70 may trigger further downside toward $64 (Rs 2,00,000). "Traders should follow a buy-on-dips, sell-on-rallies strategy."