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Gold, silver edge higher after early dip on geopolitical concernsGold and silver prices moved amid US–Iran tensions and Lunar New Year liquidity. Analysts from Augmont Bullion and SAMCO Securities share market insights.By Anshul  February 20, 2026, 8:14:38 AM IST (Updated)2 Min ReadGold and silver markets edged higher on Friday (February 20), supported by geopolitical developments and technical factors. Gold initially dipped to $4,996 per troy ounce in early Comex trade but recovered to $5,018.20 per ounce, marking a 0.43% gain over 24 hours.

Silver, meanwhile, gained momentum, with the spot price rising 0.67% to $78.15 per ounce.

Market analysts pointed to renewed safe-haven buying following the failure of recent US–Iran talks to produce a constructive outcome, which revived geopolitical concerns.

“The gold market remains in a consolidation phase, partly due to thin liquidity during the Lunar New Year holiday week,” said an Augmont Bullion report published on February 19. “With major Asian markets closed, muted price action has largely been driven by technical factors rather than fundamental shifts.”

The report noted gold rebounded from a support level near $4,850 an ounce and is moving toward resistance around $5,100 an ounce. Silver similarly bounced from its $70–$90 an ounce support zone, eyeing resistance between $85–$90 an ounce.

Analysts suggest a “buy-on-dips” approach near support and profit-taking near resistance until a decisive breakout occurs.

Jateen Trivedi, VP and Research Analyst at LKP Securities, added that gold’s upside was capped near ₹1.56 lakh as delayed expectations of interest-rate cuts and profit booking limited further gains. He placed resistance at $5,000–$5,025 an ounce on Comex, with support at $4,925 an ounce.

“Volatility is likely to continue, driven by geopolitical developments and signals on the US Federal Reserve’s rate outlook,” he said.

Beyond precious metals, energy markets are showing signs of entering the next phase of a commodity supercycle.

Apurva Sheth, Head of Market Perspectives and Research at SAMCO Securities, highlighted that WTI crude has staged a recovery from the $55 level, forming a bullish higher-high, higher-low structure, and pushing toward $66. Key support is emerging around $62–$63, with a deeper base near $59.

“Historically, gold leads commodity upcycles, followed by silver, base metals, and eventually energy,” Sheth noted. “US-Iran tensions are currently boosting metals, but crude is gaining traction due to under-investment in production capacities, the approaching end of the US shale revolution, and rising strategic reserve demand in countries like China. A breakout above $66 could trigger the next leg higher toward $72–$73, signaling that the energy phase of the commodity supercycle is underway.”Continue ReadingNote To ReadersDisclaimer: This article is for informational purposes only and should not be construed as investment advice. Readers should consult certified experts before making any investment decisions.First Published: Feb 20, 2026 8:08 AM ISTTagsgoldGold Pricesgold ratessilversilver prices