Silver price today steadies near mid-$80s as traders weigh rates and risk

Silver prices were choppy into Tuesday evening, with spot silver hovering in the mid-$80s per ounce as traders balanced shifting interest-rate expectations, a softer dollar backdrop, and heightened risk appetite in commodities. The metal has been moving in unusually wide daily ranges recently, keeping both short-term traders and long-term holders focused on levels rather than headlines.

As of 6:31 p.m. ET on Tuesday, February 3, 2026, spot silver was $84.82 per troy ounce.

Silver price today in USD

Spot prices move constantly, but here are widely followed reference points from late Tuesday (ET):

Note: futures and spot can differ slightly due to contract structure, financing, and liquidity. The futures figure is approximate relative to the late-session reference.

Why silver has been so volatile lately

Silver’s recent behavior has looked more like a high-beta asset than a sleepy precious metal. Three forces have been colliding:

• Rate expectations: When investors think interest rates may fall (or rise less than expected), non-yielding assets like silver often benefit because the “carry” cost feels lower.

• Dollar moves: A weaker U.S. dollar can mechanically lift dollar-priced commodities, while a stronger dollar can lean on them.

• Positioning and liquidity: When momentum builds, silver can accelerate quickly because the market is smaller than gold’s and can react sharply to shifts in futures positioning.

That mix can produce fast rallies—and equally fast pullbacks—especially around major macro data or central-bank messaging.

What “Pro Bowl week” means for metals markets

Early February often brings thin patches in market liquidity as traders juggle earnings season, macro data, and shifting risk sentiment. This year, that has coincided with unusually strong moves across precious metals, making “headline levels” matter more than they typically do.

For silver, the key dynamic is that it isn’t just a monetary metal. It also has industrial demand links, so the price can react to both “safe-haven” flows and growth-sensitive narratives in the same session—sometimes in conflicting directions.

Levels traders are watching

Silver’s current range has created clear reference zones that traders tend to revisit:

• Near-term support: the low-to-mid $80s, where buyers have repeatedly shown up during dips.

• Near-term resistance: the high $80s, a level that has acted as a ceiling during intraday spikes.

• Trend validation: sustained closes above resistance matter more than brief touches, because silver has a habit of fading quick breakouts when volatility is elevated.

If silver holds above recent support areas while the dollar stays subdued, the metal can remain bid. If the dollar firms and rate-cut expectations cool, silver can retrace quickly.

What to watch next

A few near-term indicators tend to matter most for silver right now:

1. U.S. rate outlook: Any shift in expectations for when and how fast rates move can translate directly into precious-metals volatility.

2. Dollar direction: Even modest dollar swings can amplify moves in silver.

3. Risk mood across commodities: Strong participation in energy and base metals can either support silver through the “commodities bid” channel or crowd it out if flows concentrate elsewhere.

Silver’s longer-term story still blends inflation hedging, investment demand, and industrial use, but the day-to-day price action is being driven by macro timing and positioning. In this environment, timestamps matter: “silver price today” can look different at noon versus the close.

Sources consulted: CME Group; London Bullion Market Association; Kitco; Bloomberg