NASDAQ:CME 4 February 2026 - 7 February 2026

Spot silver wrapped up a turbulent week by surging 8.6% to $77.33 an ounce on Friday, bouncing back from a sharp drop below $65 seen earlier during Asian hours. Even with the late jump, prices remained more than 8.7% lower for the week. Gold, meanwhile, picked up close to 4% as a weaker dollar and continued uncertainty over U.S.-Iran negotiations pulled investors into safe-haven assets. “What we’re seeing in silver is huge speculation on the long side,” said Jim Wyckoff, senior analyst at Kitco Metals, who suggested the rally in metals may now be slipping into a “commodity bust” phase.

Silver climbed nearly 6% to around $90 an ounce on Wednesday as the metal extended a rebound from last week’s record slide. Spot gold was up 2% at $5,047 an ounce, holding above $5,000 after its sharp two-day jump. “We expect elevated volatility to continue in the near term, but stabilization should return once the market finds its footing,” said Joshua Chim, general manager at online broker FSMone.