New York, Feb 4, 2026, 17:07 EST — After-hours
- Spot silver climbed roughly 3.7% to hover around $88 an ounce in late U.S. trading; SLV closed up close to 3%
- The market is still absorbing last week’s record peak and the steep, margin-fueled drop that came right after
- Traders are focused on Friday’s U.S.-Iran talks and the postponed U.S. payrolls report set for Feb. 11
Silver prices climbed late Wednesday in U.S. trading, continuing a bounce back from last week’s heavy sell-off. Spot silver — the price for immediate delivery — gained 3.7% to $88.20 an ounce by 5:00 p.m. EST, after fluctuating between about $83.25 and $92.21. 1
Silver’s recent moves are now influencing positions not just in miners and bullion-backed funds but across broader risk assets. Spot silver jumped 4.8% on Tuesday to $83.23, rebounding after a record 27% one-day plunge on Jan. 30 and a further 6% drop on Feb. 2. Peter Grant, vice president and senior metals strategist at Zaner Metals, called the recent declines “corrective within the long-term uptrend.” 2
Silver surged to an all-time high of $121.64 on Jan. 29 but tumbled to around $71.33 on Monday as selling pressure hit futures-linked holdings. Margin—the cash required to hold futures contracts—rose, prompting some traders to rapidly reduce their exposure. 3
Gold dipped 0.3% to $4,924.89 an ounce earlier, while silver held onto gains as the dollar gained strength and traders took profits following Tuesday’s bounce. ADP’s data showed U.S. private employers added just 22,000 jobs in January, far below the 48,000 forecast. The Labor Department announced the delayed payrolls report will come out Feb. 11, after the government shutdown ended Tuesday. “We did see a turnaround in the dollar,” said David Meger, director of metals trading at High Ridge Futures. 4
Earlier this week, the selloff accelerated after CME Group raised margin requirements, following President Donald Trump’s nomination of Kevin Warsh as the next Federal Reserve chair. Spot silver dropped 9.2% to $76.81 on Monday and, at one point, was down nearly 15%. “Gold and silver are on a rollercoaster ride,” said SP Angel analyst John Meyer. 5
Broader market bets show traders aren’t pricing in a Federal Reserve rate cut before June, according to CME’s FedWatch tool. The dollar index climbed roughly 0.22% to 97.62. Oil prices gained ground amid investor focus on U.S.-Iran tensions ahead of scheduled talks on Friday. 6
Companies heavily reliant on silver are already reacting to the price surge. Pandora plans to roll out platinum-plated versions of its top-selling bracelets. CEO Berta de Pablos-Barbier said this strategy will help the company “navigate the new realities of raw material costs.” Silver, which is Pandora’s primary raw material, more than doubled in price in 2025. The company expects its operating margin to fall to 21%-22% in 2026. 7
Analysts are raising their long-term silver price targets—but they’re also cautioning investors about increased volatility ahead. A Reuters poll released Wednesday bumped the average 2026 silver forecast to $79.50 an ounce, up from $50 in October. Julius Baer’s Carsten Menke noted that industrial demand is already tapering off as solar panel makers hunt for cheaper materials, while jewellery sales are also slowing. 8
Silver is still a niche, volatile market, vulnerable to sudden squeezes and quick stop-loss triggers. Analysts caution that the next plunge could be steep. If selling pressure picks up again, some predict prices might find firmer footing between $60 and $70. 9
Investors are eyeing Friday’s U.S.-Iran talks and the Feb. 11 U.S. payrolls report as the next major catalysts. Silver has been volatile for days, and traders suggest that moves in the dollar, yields, or margin policy might outweigh any one headline.
