Cross-Asset Market Snapshot: Dollar Holds Steady as Gold, Silver, and Bonds React to Fed’s Hawkish Tone

On Tuesday, February 24, 2026, the U.S. Dollar Index (DXY) ended Tuesday’s session at 97.83 points, a modest rise of 0.12% compared to the previous close. The index opened at 97.70, dipped to 97.69, and climbed as high as 97.99 before settling just shy of the 98.00 mark. The move reflected cautious optimism, supported by hawkish remarks from Federal Reserve officials and stronger consumer confidence data.



Gold: Cooling After a Strong Rally

Gold prices closed at $5,147 per ounce, down 1.52% on the day. The metal had opened higher at $5,244 but slipped as investors rotated into U.S. Treasuries. Despite the daily decline, gold remains up nearly 19% year-to-date and more than 75% over the past year, underscoring its role as a safe-haven asset amid trade tensions and inflation uncertainty.



Silver: Volatile but Supported by Industrial Demand

Silver ended the session at $86.85 per ounce, down 1.51%. The day’s range stretched from $84.93 to $88.93, reflecting heightened volatility. While speculative flows have pressured silver in recent weeks, strong industrial demand—particularly from AI and renewable energy sectors—continues to provide underlying support.



Bonds: Investors Seek Safety

U.S. Treasury yields edged lower, with the 10-year note hovering just below 4.05%, its lowest in nearly three months. The move signals investor caution, as markets weigh the Fed’s reluctance to cut rates quickly against ongoing trade policy uncertainty. Strong demand for government debt highlights the defensive mood across markets.


Fed Signals: Hawkish but Divided


Federal Reserve officials reinforced a cautious stance:
– Austan Goolsbee stressed that inflation remains stuck near 3% and warned against rushing into rate cuts.


– Lisa Cook highlighted AI’s potential to boost productivity but warned of short-term labor disruptions complicating policy.


– Christopher Waller noted that tariff effects are temporary and pointed to improving labor data as a reason to delay immediate easing.


Other voices, including Thomas Barkin and Raphael Bostic, echoed caution, emphasizing resilience but incomplete progress on inflation.


Investor Sentiment


Markets remain defensive:

– Dollar: steady near 98.00, supported by hawkish Fed commentary.


– Gold: cooling after a strong rally, but still a long-term safe-haven favorite.

– Silver: volatile yet underpinned by industrial demand.
– Bonds: attracting flows as investors brace for uncertainty.


The dollar’s modest rise reflects a balance between hawkish Fed signals and cautious investor sentiment. Gold and silver retreated slightly, while Treasuries drew demand, underscoring the defensive tone across markets. For now, the dollar remains steady, gold consolidates after a strong run, silver wrestles with volatility, and bonds highlight investor caution.

Together, these moves paint a picture of markets in watchful waiting mode, poised for the next decisive signal from the Federal Reserve.