Silver price today holds near $89 as volatility stays elevated

Silver prices were steady to higher Thursday after a week of sharp swings that has kept traders focused on risk management as much as direction. Spot silver hovered just under $90 per ounce in late-morning trading, while front-month futures stayed close to that level, signaling that the market’s recent surge-and-pullback cycle is not over yet.

As of Thursday, Feb. 5, 2026 (late morning ET), silver was trading around $89 per troy ounce.

Silver price today: spot and futures levels

Silver’s price is typically quoted in USD per troy ounce, with “spot” reflecting the immediate market and futures reflecting exchange-traded contracts.

A quick conversion: $89.31/oz is roughly $2.87 per gram (approx.).

What’s driving the move right now

The biggest factor remains risk appetite. Silver has been trading like a hybrid asset—part precious metal with defensive appeal, part industrial input that can amplify moves when macro headlines hit.

Recent sessions have also shown the market’s sensitivity to:

• Dollar moves and real-rate expectations, which can shift demand for metals quickly

• Safe-haven flows during geopolitical or policy uncertainty

• Positioning and volatility, with fast liquidations and quick re-entries increasing intraday swings

That mix helps explain why silver can rise sharply even when broader markets are choppy, and why pullbacks can be sudden when leveraged positioning gets trimmed.

Why your “silver price today” can look different across apps

It’s common to see slightly different quotes depending on where you check. The most frequent reasons:

• Spot vs. futures: Futures track a specific contract with its own supply/demand and settlement rules.

• Bid vs. ask: Many feeds show a spread; your app might display the mid, the last, or the bid/ask.

• Timing: Silver can move fast, and data providers update at different intervals.

• Market hours and liquidity pockets: Overnight and early-morning windows can show wider spreads.

If you’re buying physical silver (coins, bars), the retail price will usually be spot + premium, and that premium can expand during high-demand periods.

The bigger context: a wild 52-week range

Silver’s recent action is notable because the market has posted an unusually wide 52-week range. That doesn’t just make headlines—it changes behavior. Wider ranges tend to:

• increase margin and risk controls in futures trading,

• widen dealer spreads in physical markets,

• and push more short-term trading around technical levels rather than slower “buy and hold” accumulation.

In practical terms, the market has been treating the high-$80s to low-$90s area as a major “decision zone,” with quick rallies facing profit-taking and dips attracting bargain buyers.

What to watch next

The near-term tells for silver are less about a single number and more about whether volatility cools:

• Does silver hold above the high-$80s on dips? That would suggest buyers are still willing to step in quickly.

• Do futures stay aligned with spot? Large gaps can hint at stress or shifting expectations.

• Does the daily trading range narrow? A tighter range often signals the market is finding balance.

If volatility remains high, price moves can stay outsized in both directions, especially around macro headlines and major data releases.

Sources consulted: CME Group, LBMA, MarketWatch, Investing.com