Editor’s Note
This article details a significant, broad-based sell-off across both precious and industrial metals on February 12, 2026, marked by sharp price declines and surging trading volumes.
Gold prices fell 2.59% to $4,966 on February 12, 2026. Silver plunged 9.71% to $75.78. Platinum dropped 5.63% to $2,024. Copper slid 2.78% to $5.80 per pound. This was not a mild pullback. It was a sharp, synchronized sell-off across precious metals and industrial metals. Trading volumes surged. Gold futures saw 130,000 contracts traded. Silver volatility spiked after touching intraday lows near $74.
The sell-off followed stronger US economic data and a rebound in the US dollar. The latest jobless claims came in at 227,000. The January nonfarm payrolls report showed 130,000 jobs added, well above expectations of 70,000. The unemployment rate fell to 4.3%. That data reduced Federal Reserve rate cut expectations.
Gold fell below the key psychological $5,000 level. Silver broke under $80. These technical breaks triggered stop-loss selling and margin calls. The gold-silver ratio widened toward 66:1. Markets saw what traders call a “liquidity flush.” The broader trend remains under debate, but short-term volatility is elevated across commodities.
The immediate trigger was technical. For days, gold prices had traded in a tight range between $5,000 and $5,100. Silver hovered near $80 to $85. When markets coil like this, stop-loss orders build on both sides.
Gold had heavy stop orders below $5,000. Silver had leverage stacked above $80 after its massive 2025 rally that pushed prices as high as $121 earlier in the year. Once gold slipped below $5,000, automated selling accelerated. Silver followed sharply.
However, macro data added pressure. Strong US labor numbers reduced the urgency for Federal Reserve rate cuts. That strengthened the US dollar. A stronger dollar weighs on gold, silver, platinum, and copper because they are priced in dollars globally.
The US Dollar Index rebounded after recent weakness. The labor market data changed rate expectations quickly. Before the jobs report, markets were pricing higher odds of a March rate cut. After payrolls beat forecasts, those odds fell sharply.
Higher-for-longer interest rate expectations hurt non-yielding assets like gold. When bond yields rise and the dollar strengthens, investors shift toward interest-bearing assets.
Gold is highly sensitive to real yields. Silver is even more volatile because it has both safe-haven and industrial demand exposure.
If upcoming inflation data surprises to the upside, rate cut expectations may fall further. That could keep pressure on metals.
Gold futures (GC00) are now trading near $4,966, down from recent highs above $5,600. The 52-week range remains wide, between $2,844 and $5,626.
The key support zone is $4,880 to $4,900. If that area holds, gold could stabilize. A break below $4,880 opens the door toward $4,800, then $4,700. The major long-term support stands near $4,500.
On the upside, gold must reclaim $5,000 on a daily closing basis. If it holds above that level, buyers may target $5,100 again. That area has acted as strong resistance.
Despite today’s drop, the broader uptrend from 2025 remains intact. Central bank buying continues. China’s central bank has maintained steady gold accumulation. Physical premiums remain elevated in some markets.
For now, the gold price forecast remains neutral with elevated volatility.
Silver fell nearly 10% in one session. That is far more aggressive than gold.
The reason is leverage. Silver experienced a record rally in 2025, gaining more than 140% at one point. Futures positioning became crowded. When prices broke below $80, margin calls triggered forced selling.
Silver’s key support now lies between $74 and $70. This zone aligns with previous consolidation levels. If silver holds above $74 and regains $85, the rally could resume toward $90 or higher.
But if dollar strength persists and risk appetite weakens, silver could test lower support zones.
The gold-silver ratio near 66:1 suggests silver is underperforming gold. Historically, elevated ratios sometimes precede silver outperformance, but timing remains uncertain.
Platinum (PL00) fell 5.63% to $2,024. Platinum often trades with both precious metals and industrial demand expectations. Weak risk sentiment and dollar strength weighed on prices.
Copper (HG00) dropped 2.78% to $5.80 per pound. Copper is closely linked to global growth, especially China’s demand. Slowing manufacturing signals and stronger US data created mixed signals.
Copper had traded above $6 earlier this year. Today’s drop reflects both technical pressure and macro uncertainty.
Industrial metals tend to fall when investors anticipate tighter financial conditions.
Some traders believe today’s move was a delayed reaction to the strong nonfarm payrolls report. The dollar initially struggled to hold gains after the data. But as rate expectations reset, metals came under pressure.
Unemployment fell to 4.3%. Wage growth surprised on the upside. Those factors reduce immediate pressure on the Federal Reserve to ease policy.
Jobless claims at 227,000 did not dramatically change the narrative. Markets are now focused on upcoming CPI data. A stronger inflation reading could support the dollar further.
The metals sell-off occurred alongside weakness in energy markets. WTI crude oil fell 2.99% to $62.70. Brent crude dropped 2.84% to $66.31. Unleaded gasoline and heating oil also declined. Natural gas was the exception, rising more than 3%.