New York, Feb 9, 2026, 17:03 EST — After-hours
- Silver pushed higher late in U.S. trading, building on its rebound while the dollar slipped.
- Traders are bracing for U.S. jobs and inflation numbers, both pushed back to later this week.
- Silver’s climb sent ETFs tied to the metal, along with mining stocks, higher.
Silver tore higher Monday, COMEX futures up roughly 8.4% to $83.325 an ounce, according to CME data. 1
This rally stands out right now—silver’s been acting like a packed exit, moves coming and going in a rush. After that sharp run-up late January and the whiplash correction that followed, traders are left puzzling over whether the metal’s found a new band or is just winding up for another big move.
The dollar index dropped 0.8% to 96.83, with U.S. 10-year yields also ticking down, as investors held off ahead of a delayed batch of U.S. economic data due this week. Traders have shifted expectations, now seeing the first Fed rate cut of the year landing in June, according to CME Group’s FedWatch tool. 2
Spot silver surged 6.3% to $82.86 per ounce earlier in the session, building on a nearly 10% jump Friday, according to Reuters data. “The big mover today is the U.S. dollar,” said Bart Melek, global head of commodity strategy at TD Securities. Melek pointed to tight supply, saying even limited buying can trigger sharp price swings. 3
iShares Silver Trust (SLV) jumped 8.28% to finish at $76.00 in New York, before giving back 0.68% in after-hours, settling at $75.52. 4
Late in the session, silver mining names caught a bid. First Majestic Silver jumped close to 8%. Pan American Silver tacked on 6.8%, while Hecla Mining rose around 5.1%, market data showed.
Silver tends to split into two markets. It acts like a precious metal when rate bets change or the dollar shifts, yet its strong industrial demand means positioning can get skewed and price action turns choppy.
But there’s still clear downside risk here. Hotter U.S. data — brisk hiring, sticky inflation — could send yields and the dollar higher again, putting pressure on non-interest-bearing metals and forcing leveraged long positions to unwind fast.
The U.S. Employment Situation report for January is now set for Wednesday, Feb. 11 at 8:30 a.m. ET, with the January Consumer Price Index due Friday, Feb. 13 at the same time, according to the Labor Department’s schedule. Timing could still shift, though—the department flagged that publication dates are still at risk after the recent government service lapse. 5
For silver, it’s really about the data this week—and the dollar’s next move. Should the currency keep dropping, the rebound has room. But a dollar bounce? Silver’s volatility usually takes it from there.
