February 2026 - Precious Metal Market News

Gold Returns to Historic Form

Early-to-mid February saw a largely calm and stable few weeks for precious metals and gold was no exception. Throughout the second and third weeks of the month, gold sat around the £3,700 mark before dropping just slightly below £3,600 per troy ounce. 

However, with the Supreme Court ruling on the 20th of February that President Trump's tariffs were, in-fact, illegal, the precious metal market began to rally with Gold once again breaking the £3,700 ($5,000) barrier. Furthermore, with the US and Israel attack on Iran during the final day of February, the precious metals market went from strength to strength entering into March, as investors returned to their safe haven.

Silver Follows the Leader

Things were much the same for silver as with gold. Silver was sitting between £56 and £62 throughout the middle weeks of the month, before rising past the £63 ($85) mark following the Supreme Court's ruling. 

As investor interest has seemingly cooled after the "explosion" over Christmas and into January, gold:silver has returned to a more typical ratio.

Platinum Not to be Forgotten

As with both gold and silver, platinum followed the same trends, seeing prices between £1,500 and £1,560 for a troy ounce of the precious metal. The Supreme Court's ruling saw Platinum rise to £1,600 ($2,160).

What to expect for March?

Whilst the US/Israel conflict with Iran would maybe hint at another rise in the precious metals market, there are further variables to be aware of at play. With the location of the conflict and its impact on other traded commodities and necessities such as oil and gas, as well as the potential impact on trade routes across the globe, investors now have more to consider than ever before.

Some experts have suggested that traders are simply holding back and waiting for a more concrete signal for direction, from the markets or the US itself, as worries build around inflation and the potential for recession.

As the conflict continues and volatility is seen across investment markets, all signs are pointing towards a March to remember for precious metals.

Interested in more blogs? Check out our full range of articles including the Beginners Guide to Gold and Sovereign Guide.