New York, Feb 9, 2026, 10:22 EST — Regular session
Silver pushed past $80 an ounce again on Monday, building on gains after last week’s volatile moves. By 10:12 a.m. ET, spot silver was trading at $81.45, a jump of $3.75 for the session, according to Kitco data.
This shift is significant: silver’s become a hotbed of volatility, and leverage is slicing both ways. CME Group bumped up margin requirements on COMEX silver futures yet again, Reuters said. The initial and maintenance margins for COMEX 5000 Silver Futures climb to 18%, up from 15%, after the Feb. 6 close. That’s the latest move to shore up default risk—margins being the cash traders must post.
The weaker U.S. dollar gave silver a push. Spot silver jumped 2.9% to $80.22 an ounce at 9:30 a.m. ET, building on its nearly 10% surge from the previous session. It previously notched a record high of $121.64 back on Jan. 29, according to Reuters data. “The big mover today (in gold prices) is the U.S. dollar,” said Bart Melek, global head of commodity strategy at TD Securities. Investors are zeroed in on a week loaded with U.S. nonfarm payrolls, consumer price data, and jobless claims, while markets have priced in at least two 25-basis-point cuts for 2026 (a basis point equals 0.01 percentage point). Reuters
Silver futures in the U.S. surged too, up roughly 5.9% to $81.43 per ounce, data from Investing.com shows.
Silver-related stocks jumped. Shares in iShares Silver Trust (SLV), the top silver ETF in the U.S., changed hands near $73.93 after closing at $70.19 the previous session. The fund is designed to mirror moves in silver bullion, according to Investing.com data.
India’s March silver contract on the MCX jumped nearly 4%, opening at 259,887 rupees per kilogram, according to LiveMint. IndusInd Securities’ Jigar Trivedi pointed to a weaker dollar helping to spur buying after what he called a “historic selloff,” the outlet said. livemint.com
A few analysts remain wary of speculative forces in play. “What we’re seeing in silver is huge speculation on the long side,” said Jim Wyckoff, senior analyst at Kitco Metals, speaking to Reuters during a previous rebound. He also cautioned that, after a blow-off, commodities are vulnerable to slipping into a “bust phase.” Reuters
Silver sometimes acts as a safe haven, but it doesn’t always stick to that role; its price often swings like other industrial metals when sentiment or growth worries flare up. According to Trading Economics, electronics and jewelry make up some of silver’s top industrial uses, while the biggest producers are Mexico, Peru, and China.
The next move? That’s going to depend on the dollar’s direction and if U.S. numbers push traders to price in more—or fewer—rate cuts. Margins are up; that means a sharp drop could easily set off forced selling as participants hurry to cover cash calls.
Attention shifts to the U.S. economic calendar, where the Labor Department’s release schedule has the Employment Situation due Feb. 11 and Consumer Price Index lined up for Feb. 13—both hitting at 8:30 a.m. ET.
