New York, February 5, 2026, 1:34 PM (ET) — Regular session.
- Spot silver (XAG/USD) dropped roughly 15%, hitting around $75 an ounce following an initial slide to about $72.
- Equities pull back amid renewed concerns over forced selling and a stronger dollar.
- Friday’s U.S.-Iran talks and next week’s delayed U.S. payrolls report have investors on alert.
Silver prices tumbled again Thursday, with spot silver (XAG/USD) last seen down roughly 14.6% at $75.33 an ounce. The trading range stretched from about $72.21 to $90.41, highlighting sharp volatility throughout the session. 1
Traders are now bracing for spillover effects beyond just metal-to-metal moves. The dollar climbed to a two-week peak, while U.S. stocks dipped, prompting some investors to trim leveraged positions. “Some people are facing margin issues,” said RJO Futures senior market strategist Bob Haberkorn, highlighting brokers’ demands for additional cash to maintain positions. JPMorgan flagged silver’s relatively high valuations, warning it could suffer “outsized corrections” during risk-off episodes. City Index analyst Fawad Razaqzada added that volatility “doesn’t get ‘fixed’ overnight.” 2
Stocks came under pressure as doubts resurfaced about how aggressively major tech companies will invest in artificial intelligence. Meanwhile, Treasuries rallied following disappointing U.S. labor data. The key U.S. non-farm payrolls report was delayed to Feb. 11 due to a short government shutdown, prompting traders to rely on secondary employment indicators for now. 3
Commodities took a hit as investors trimmed positions they had built up during last month’s surge into hard assets, following diplomatic developments that eased geopolitical tensions. OCBC strategist Christopher Wong said, “Sentiment (has) turned soggy across most asset classes,” pointing to a feedback loop amid thin liquidity. IG analyst Tony Sycamore described the recent drop in precious metals as “aftershocks.” 4
Silver futures slipped to about $76.47 an ounce, off a prior close near $84.40, after bouncing between roughly $71.53 and $89.81, according to Investing.com data. Silver-related funds reflected the decline, with iShares Silver Trust (SLV) dropping around 11.8%, while leveraged products saw even more pronounced swings. 5
The recent drop caps off a wild stretch: silver soared to a record $121.64 last week, plunged to around $71.33 on Monday, then clawed back to about $86 by Wednesday. The bounce followed weaker U.S. private hiring numbers and growing bets on at least two rate cuts this year. 6
Silver bulls face the danger of forced selling spiraling into the close, particularly if stocks slide further and brokers raise collateral demands. In these conditions, momentum often outweighs the day’s news.
Silver tends to rebound sharply whenever the dollar weakens or safe-haven demand picks up, and the intraday swings have been large enough to throw off both bulls and bears. Investors are scrambling to distinguish between short-term liquidation moves and the broader macro narrative.
Traders are now eyeing Friday’s U.S.-Iran talks in Oman, along with the postponed U.S. payrolls report set for Feb. 11.
