New York, Jan 30, 2026, 17:04 EST — After-hours
- Spot silver slipped to around $84.85 an ounce, marking a roughly 26.6% drop for the session.
- The metal plunged sharply after hitting a record peak close to $121.64 on Thursday.
- Traders cited a stronger dollar and profit-taking following a month-long rally.
Silver plunged on Friday, deepening its late-month selloff in precious metals following U.S. President Donald Trump’s announcement that he plans to nominate Kevin Warsh to lead the Federal Reserve.
The shift is significant because silver turned into one of January’s most crowded trades, thanks to momentum buying that drove it to a record just a day before. A drop this steep compels funds to slash risk, often dragging down related metals and mining stocks as well.
The move comes as investors adjust their outlook on U.S. rate cuts. A stronger dollar usually weighs on dollar-priced metals, pushing costs higher for buyers outside the U.S., and that effect showed up quickly Friday.
Spot silver slipped 26.64% to $84.848 an ounce, following a volatile range between $73.6525 and $118.4675, according to data from Investing.com.
Silver surged to a record $121.64 on Thursday, according to a Reuters report, before retreating as investors cashed in gains approaching month-end.
Trump’s choice triggered a wider market shake-up. Warsh is slated to replace Jerome Powell when his Fed chair term concludes in May, but the Senate confirmation could prove contentious, according to Reuters.
“The catalyst today was the stronger U.S. dollar,” Angelo Kourkafas, senior global strategist at Edward Jones, told Reuters in a report highlighting the wider slump in mining stocks. Reuters
Suki Cooper, global head of commodities research at Standard Chartered, attributed the profit-taking to a “combination of factors,” highlighting the Fed-chair announcement and wider macroeconomic flows. Reuters
Gold and copper slipped as investors took profits following record peaks earlier this week, Reuters reported, highlighting that the sell-off stretched beyond silver alone.
Several analysts say the silver market’s relatively small size leaves it exposed to sharp swings when speculative funds move quickly. Guy Wolf, global head of market analytics at Marex, told Reuters that prices are now “totally detached” from the strong physical demand. Reuters
Still, a quick rebound remains on the table. Should the dollar weaken again or geopolitical tensions nudge investors toward safe havens, silver could jump sharply. Yet the same thin liquidity that fueled January’s surge might also amplify the next downturn.
Next on the radar: traders are bracing for shifts in early February positioning, ahead of U.S. payrolls data set for Feb. 6. The market remains focused on how a Warsh-led Fed might steer policy.
