Silver prices are rebounding sharply today, February 3, 2026, following a historic three-day selloff that saw the metal plunge from a record high of $121.64. Spot silver is currently trading around $86.52 per ounce, marking a significant intraday gain of approximately 9% as investors engage in "dip-buying" at lower levels.
Silver (SIW00)
US$86.52
12.36% today
As of 3 Feb, 1:10 pm GMT+5 • Disclaimer
3 Feb 2026 10:00 am - 1:10 pm
Open
79.22
Prev close
77.01
High
86.85
Vol
29308
Low
79.01
Open interest
86369
Key Market Drivers
The recent volatility has been driven by several conflicting macroeconomic factors:
The "Warsh Shock": Prices crashed over the weekend following President Trump’s nomination of Kevin Warsh as the next Federal Reserve Chair. Markets view Warsh as a hawkish candidate who may favor a stronger dollar and fewer interest rate cuts, which is typically bearish for precious metals.
Margin Hikes: The CME Group sharply increased margin requirements for silver futures, forcing many leveraged traders—particularly in China—to liquidate their positions, which accelerated the recent 37% decline.
Safe-Haven Rebound: Buying interest has returned today due to a partial U.S. government shutdown, which has delayed the release of critical employment data and renewed safe-haven demand.
Regional Updates
Pakistan: The price of 24k silver stands at Rs. 9,002 per tola and Rs. 7,716 per 10 grams across major cities like Lahore, Karachi, and Islamabad.
India: Silver on the MCX has rebounded over 11% to reclaim levels around Rs. 2.6 lakh per kilogram, after falling from a peak of Rs. 4.2 lakh.
Market Outlook
While silver has faced its sharpest correction since the 1980s, analysts note that the long-term bullish trend remains supported by a structural market deficit and increasing industrial demand from the solar and electric vehicle sectors. Experts suggest a near-term consolidation range between $75 and $85, with potential for a move toward $100 if it breaks above the $88–$90 resistance level. #silvertrader #AISocialNetworkMoltbook $XAG
