Singapore, 6 February 2026 – Silver prices tumbled sharply, falling nearly 10% during early trading and dropping below US$65 per ounce, as a global risk sell-off and strengthening U.S. dollar triggered one of the steepest corrections in the precious metals market.
Spot silver later stabilised around US$71.32 per ounce, but the metal remained under heavy pressure after plunging 19.1% in the previous session, marking a dramatic reversal from its earlier rally.
Worst Weekly Losses Since 2011
Silver is now headed for its second consecutive weekly decline, with losses approaching 16% this week alone, following an 18% plunge the previous week, the biggest weekly fall since 2011.
Analysts said the sharp correction reflects widespread unwinding of speculative positions as global investors retreat from riskier assets.
“Risk appetite does look diminished… silver is caving in under the risk-off,” said Ilya Spivak, head of global macro at Tastylive.
Strong Dollar and Tech Sell-Off Add Pressure
The U.S. dollar climbed to a two-week high and is on track for its strongest weekly performance since November, making dollar-priced commodities such as silver more expensive for international buyers and reducing demand.
At the same time, global equities and cryptocurrencies have been hit by sharp declines, intensifying volatility across financial markets and prompting investors to shift into safer or more liquid assets.
JPMorgan analysts noted that silver’s previously elevated valuations left it particularly vulnerable during risk-off environments, although they still expect a recovery toward higher levels in the longer term.
Precious Metals Diverge
Unlike silver, gold has held up relatively well, declining only modestly for the week, underscoring the divergence between traditional safe-haven assets and more volatile industrial-linked metals.
Silver’s dual role as both an industrial and investment metal makes it more sensitive to shifts in global economic sentiment, amplifying its downside during periods of heightened market stress.
