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Commodities 2 February 2026 - 5 February 2026

Silver ETFs crash 21% as MCX silver drops 10% in India, gold whipsaws on dollar and Fed nerves

Silver ETFs crash 21% as MCX silver drops 10% in India, gold whipsaws on dollar and Fed nerves

Silver futures on India’s Multi Commodity Exchange plummeted 10% Thursday, with the March contract sliding Rs 26,850 to Rs 2,42,000 per kg. Gold April contracts dipped 1.51%, ending at Rs 1,50,736 per 10 grams. The Axis Silver ETF hit a low of Rs 216.86. MCX Clearing Corporation announced margin hikes starting Thursday: 4.5% for silver and 1% for gold, with further increases expected Friday.
5 February 2026
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Oil prices slip again as U.S.-Iran talks loom and the dollar firms; Brent near $66

Oil prices slip again as U.S.-Iran talks loom and the dollar firms; Brent near $66

Oil prices slipped Tuesday as traders dialed back some geopolitical risk premium ahead of U.S.-Iran talks set for Friday in Turkey. Brent crude futures dropped 15 cents to $66.15 a barrel by 1016 GMT, while U.S. West Texas Intermediate lost 8 cents, settling at $62.06. Both benchmarks earlier touched their lowest levels in a week. Kelvin Wong of OANDA pointed to recent swings reflecting the “geopolitical risk premium” tied to the “on-off” tensions with Iran. Meanwhile, Priyanka Sachdeva at Phillip Nova described the market as “choppy,” with risks leaning lower.
3 February 2026
Silver price whipsaws after CME margin hike; SLV slides as traders brace for Friday jobs data

Silver price whipsaws after CME margin hike; SLV slides as traders brace for Friday jobs data

The silver price slid again on Monday, with spot silver down 3.3% at $81.75 an ounce by 1148 GMT after earlier falling as much as 15%, leaving it about 32% below last week’s record. Spot gold was down 3% at $4,718.35, and CME Group said it would raise margin requirements — the cash traders must post to hold futures contracts — after the market closes on Monday. John Meyer of SP Angel said gold and silver were on a “rollercoaster ride”, while Michael Hsueh at Deutsche Bank said “the conditions do not appear primed for a sustained reversal”.
2 February 2026
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Gold and silver prices tumble again after historic plunge as CME margin hike bites

Gold and silver prices tumble again after historic plunge as CME margin hike bites

Gold and silver extended their sell-off on Monday as higher margin demands on futures trading added to the rush to cut leveraged bets. Spot gold was down 3.2% at $4,708.19 an ounce by 1008 GMT, after dropping nearly 10% earlier, while spot silver was down 3.4% at $81.65 after a 15% intraday slump. U.S. gold futures for April delivery fell 0.3% to $4,730.40, while platinum slid 4.3% to $2,070.64 and palladium dropped 2.1% to $1,662.68.
2 February 2026
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Silver price slides again as margin hikes bite; Warsh Fed pick keeps metals on back foot

Silver price slides again as margin hikes bite; Warsh Fed pick keeps metals on back foot

Silver prices dropped again Monday, with spot silver down 3.4% to $81.65 an ounce by 1008 GMT after plunging as much as 15% earlier. The sell-off came as CME margin hikes and a stronger dollar forced traders to scale back leveraged positions. Since hitting a record $121.64 last week, silver has lost roughly a third of its value. “The increase in margin requirements is creating a feedback loop,” said Zain Vawda, an analyst at MarketPulse by OANDA.
2 February 2026
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