Silver price today: spot silver rebounds near $78 after a volatile two-week swing

Silver prices were higher on Sunday, Feb. 8, as the metal steadied after one of the most turbulent stretches in years that saw a sharp slide from late-January highs and a fast rebound into the weekend. As of 1:01 p.m. ET, spot silver was about $78.52 per ounce, up strongly on the day, with trading still sensitive to volatility controls, retail flows, and shifting expectations for interest rates.

The bounce comes after silver briefly dipped into the mid-$60s earlier this month before snapping back. The move has kept both traders and physical buyers on edge, with large intraday ranges becoming more common than they were even a few months ago.

Spot silver level and key conversions

Spot silver is commonly quoted in USD per troy ounce, but many buyers track grams and kilograms for jewelry, industrial use, and small-bar purchases. Using the latest spot reading, the approximate conversions are:

Small differences across platforms can reflect timing, bid/ask spreads, and calculation rounding.

Why silver has been so jumpy lately

Silver’s latest rebound is part of a broader volatility story. After sprinting to a late-January peak near $121.67 per ounce, prices reversed sharply, with some sessions seeing moves that would be considered extraordinary in most commodity markets. That reversal has been fueled by a mix of position unwinds, higher trading costs, and whipsaw sentiment.

Several forces have been in play:

• Leverage and margin sensitivity: When silver moves quickly, exchanges and brokers often tighten requirements, which can force some traders to reduce positions.

• Retail demand vs. institutional risk limits: Market flows have shown heavy retail interest in silver-linked products even as some larger traders scale back exposure.

• Macro cross-currents: Silver trades like a hybrid—part precious metal, part industrial input—so it reacts to rate expectations, the dollar’s path, and growth outlooks.

The result is a market where “direction” can change rapidly, and where timing matters more than usual.

What the charts are signaling right now

From a technical perspective, silver’s rebound toward the high-$70s shifts attention to two near-term questions: can the metal hold gains without another forced deleveraging wave, and can it rebuild support above levels that broke during the late-January slide?

Two reference points stand out for many traders:

• Recent low zone: the mid-$60s area seen during the pullback, which has become a psychological floor.

• Post-rebound resistance: the upper-$70s to low-$80s area, where sellers may test whether demand is “real” or just short-covering.

Because silver has posted large daily ranges, the more useful signal may be whether it can string together several sessions without extreme swings, rather than any single-day surge.

What this means for buyers and investors

For physical buyers, higher volatility can widen the gap between spot prices and retail premiums on coins and bars, particularly if supply chains tighten or dealers adjust inventory risk. That means “spot” is a starting point, not always the final checkout price.

For investors using funds or futures, the main issue is risk control. Fast swings raise the odds of stop-outs and margin calls, even if the longer-term view is correct. Many market participants are responding by reducing position size, using wider stops, or avoiding overnight exposure.

A practical approach many traders take in this kind of tape is to focus on levels and time windows—waiting for price behavior to stabilize—rather than trying to predict the next headline-driven spike.

What to watch this week

The next few trading days are likely to be shaped by a simple feedback loop: volatility drives tighter risk controls, which can trigger more selling (or buying) at the margins, which then feeds back into volatility.

Key indicators to monitor:

• Whether spot holds above the mid-$70s for multiple sessions

• Any further tightening of margin or risk rules in silver-linked markets

• Flows into major silver-backed products, which can amplify short-term moves

If volatility cools, silver may trade more like a traditional precious metal again. If it stays hot, sharp reversals could remain the defining feature of the market through mid-February.

Sources consulted: Financial Times; CME Group; Investing.com; JM Bullion