LONDON, February 9, 2026, 11:17 (GMT) — Regular session
- Silver keeps climbing, lifted by a softer U.S. dollar and steadier risk appetite.
- Traders gear up for a mid-week wait on U.S. payrolls and inflation numbers, with both reports arriving later than usual.
- Volatility is still running high—lingering after January’s record peaks and the sharp pullback last week.
Silver shot up 4.3% to $81.32 an ounce as of 0948 GMT on Monday, building on Friday’s hefty nearly 10% surge. A softer dollar helped fuel the gains. “Gold reclaims its historical role as a neutral sovereign asset,” said Rania Gule, senior market analyst at XS.com. Fawad Razaqzada at City Index and FOREX.com noted, “Silver is more of a risk asset than gold… when risk appetite is strong, you tend to see silver outperform gold.” 1
With the partial federal government shutdown throwing off the Bureau of Labor Statistics’ usual calendar, investors are left waiting for a pileup of U.S. labor and inflation data expected later this week. “The release will be rescheduled upon the resumption of government funding,” Emily Liddel, an associate commissioner at the BLS, told Reuters earlier this month. 2
Silver rebounded sharply after plunging 15% Friday, then closing up 9%—a wild reversal that highlights just how fast market sentiment can turn. According to Reuters, traders have been increasingly betting on a Federal Reserve rate cut by June, a move that’s cooled the dollar’s recent rally. 3
The dollar index slipped roughly 0.25% for the session. Over in bonds, the U.S. 10-year yield edged up, sitting near 4.23%, Investing.com data showed. With silver offering no yield, minor shifts in interest rates—even as little as a basis point, or 0.01 percentage point—can make a difference for the metal. 4
The January jobs numbers, postponed, are now set for release at 8:30 a.m. Eastern on Feb. 11, according to the government’s timetable. Payroll figures draw close attention from traders, who look for clues on hiring trends and wage gains that might influence the Fed’s rate decisions. 5
The Consumer Price Index for January drops Feb. 13 at 8:30 a.m. Eastern, again listed on the BLS calendar. If inflation comes in hotter, expect yields and the dollar to climb—usually not great news for precious metals. 6
Short-term metals moves are still closely linked to the dollar, OANDA’s Kelvin Wong told The Economic Times. Over at KCM, Tim Waterer pointed to bargain hunters driving gold back above $5,000. The publication also highlighted a major resistance line for silver near $92.24. 7
The comeback, though, has its cracks. According to an Augmont note quoted by Moneycontrol, silver could chop around in that $70 to $90 band—unless it slips under $70, in which case $64 comes into play. 8
Retail investors kept pouring in cash, even as volatility ramped up. The Financial Times noted that almost $430 million hit silver products—mostly the iShares Silver Trust (SLV) ETF—over a stretch of six sessions, even with prices tumbling. 9
Wednesday brings the jobs report, Friday the CPI—both pushed back, both hitting this week. Fed speakers step in between. According to Kiplinger, those two numbers are set to dominate the Feb. 9-13 lineup. As for silver, the outcome could make or break the rally. 10
