economy
February 2, 2026
Silver and gold extend losses after last week's historic plunge
Gold and silver extended their sell-off on Monday, deepening losses from last Friday's rout.
TL;DR
- Spot silver fell over 6% to $78.86 per ounce, and spot gold lost over 4% to $4,662.43.
- Futures for both silver and gold also declined.
- CME Group raised margin requirements for COMEX gold and silver futures following last week's sell-off.
- The reversal in metals prices is attributed to a reassessment of Federal Reserve leadership after President Trump nominated Kevin Warsh.
- A strengthening dollar and potential easing of geopolitical concerns have contributed to the decline.
- Despite recent losses, silver prices are up around 16% and gold prices are up about 8% year-to-date.
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