New York, Feb 10, 2026, 10:08 EST — Regular session
- Spot silver slips about 1.5% near $82/oz; SLV down about 2.3%
- Payrolls on Wednesday and CPI on Friday in focus for U.S. rate bets
- Volatility lingers after late-January whipsaw and higher futures margins
Silver eased on Tuesday, giving back part of Monday’s sharp rebound as the U.S. dollar steadied and risk appetite crept back into markets. Spot silver was around $82.03 an ounce, down about 1.5%, while the iShares Silver Trust ETF was off about 2.3% in early New York trading. 1
The timing matters. Silver has been swinging hard — more like a rates trade than a sleepy safe haven — and the next two U.S. data points could decide whether that continues or cools. January nonfarm payrolls are due Wednesday, followed by January consumer prices on Friday. 2
That puts traders back where they started: watching the labor market and inflation for clues on how far the Federal Reserve can ease. Silver does not pay interest, so higher rate expectations tend to compete with holding it, especially when the dollar firms.
The metal had jumped on Monday, a move that left the market looking stretched into the new week. FXStreet data showed silver rose more than 5% in the prior session. 3
On Tuesday, the tone shifted as equities held up and the dollar nudged higher, dulling demand for dollar-priced metals outside the U.S. “The start of the week has been marked by a resurgence in risk appetite across financial markets,” said ActivTrades analyst Ricardo Evangelista. 4
Some of the pressure eased later as softer U.S. readings in recent sessions fed the idea that growth is slowing, a backdrop that can pull down yields and support precious metals. Silver was also still dealing with the after-effects of last month’s liquidation, Trading Economics said. 5
Silver-linked shares were mixed. First Majestic Silver traded slightly higher, while Pan American Silver was marginally lower, after sharp moves in both directions over the past two weeks.
The market is still digesting a violent turn from late January, when silver hit a record and then slid as margin requirements on precious metals futures were raised at CME Group, amplifying forced selling, analysts said at the time. SP Angel’s John Meyer called it “a rollercoaster ride.” 6
But there is a clear downside risk. A strong payrolls print or hotter inflation could lift Treasury yields and the dollar, and silver can drop quickly when leverage is unwound and liquidity thins.
Next up is Wednesday’s U.S. payrolls report, followed by Friday’s CPI release — the two releases most likely to shift rate pricing and, by extension, the next leg in silver’s move. 7
