New York, Jan 7, 2026, 07:09 EST — Premarket
Silver prices slid more than 2% on Wednesday as profit-taking and a firmer U.S. dollar cooled a sharp rally that pushed the metal to record highs. Spot silver — the price for immediate delivery — was down 2.3% at $79.40 per ounce by 10:01 GMT, after hitting an all-time high of $83.62 on Dec. 29. “It’s been quite a frenetic and volatile start to kick off the New Year,” said Jamie Dutta, chief market analyst at Nemo.money. Reuters
The pullback matters because traders are shifting their focus from geopolitics to U.S. labour-market data that could reset expectations for Federal Reserve policy and, in turn, the dollar. The dollar index — a measure of the greenback against major peers — edged up to 98.63 as investors waited for private payrolls and job openings data later in the day. “The most impactful publication will be ADP’s monthly jobs report,” Jose Torres, senior economist at Interactive Brokers, said. Reuters
Silver’s slide followed a surge on Tuesday, when safe-haven demand lifted precious metals after the U.S. capture of Venezuela’s president heightened global tensions. Spot silver gained 5.4% to $80.68 a day earlier, and “precious metals traders see more risk on the horizon than stock and bond traders do,” said Jim Wyckoff, a senior analyst at Kitco Metals. Reuters
Silver-linked stocks were firm in U.S. premarket trading. iShares Silver Trust was up about 6.7% at $73.71, while First Majestic Silver rose about 9.9% to $18.72 and Pan American Silver added roughly 4.5% to $55.51.
iShares says the trust seeks to reflect generally the performance of the price of silver, making it a common proxy for investors who want direct exposure without trading futures.
Beyond the day-to-day swings, supply is still a core part of the silver narrative. Morgan Stanley said in a note dated Jan. 5 that 2025 marked “peak deficit” for silver and that China’s export licence requirements, which took effect at the start of 2026, added “upside risk for silver.” Reuters
But the speed of the move has left silver sensitive to any shift in rate expectations. A stronger-than-expected run of U.S. jobs data would likely lift yields and support the dollar, which can pressure dollar-priced metals by making them more expensive for non-U.S. buyers.
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