New York, Feb 11, 2026, 12:15 EST — Regular session
- Spot silver rose about 3.6% to $83.56/oz, rebounding from Tuesday’s drop
- Strong U.S. jobs data tempered near-term rate-cut bets, but soft retail sales kept rates in play
- Traders now focus on Friday’s U.S. CPI for the next big move
Silver rose more than 3% in New York trading on Wednesday, clawing back ground after a sharp selloff a day earlier. Spot silver was bid at $83.56 an ounce by 11:58 a.m. EST, up 3.55% on the day, after trading between $80.75 and $86.36. (Kitco)
The move matters because silver has turned into a fast read on where rates and growth expectations are heading, not just a metal story. It pays no interest, so a shift in bond yields can hit it hard, in either direction.
It also comes after a bout of retail-driven volatility that pushed silver to a record $121.60 on Jan. 29. The Silver Institute said silver was around $81 and up 14% so far this year after a 147% surge in 2025, and it forecast a sixth straight year of structural deficit — when demand outstrips supply — at 67 million ounces in 2026. (Reuters)
Wednesday’s rally came even as a stronger U.S. jobs report cooled hopes for a quick Federal Reserve pivot. Tai Wong, an independent metals trader, said the report “will shut the tiny crack in the door for a March rate cut that retail sales opened yesterday.” (Reuters)
On Tuesday, U.S. retail sales were unexpectedly flat in December, versus forecasts for a rise, and “core” retail sales slipped 0.1%, a sign households may be pulling back on big-ticket goods. The weak print helped push Treasury yields lower and revived the case for easier policy later this year. (Reuters)
Fed rhetoric has not made it simpler. Dallas Fed President Lorie Logan said she was “cautiously optimistic” the current stance would push inflation back toward the 2% goal, and she flagged concern about inflation staying stubbornly high. (Reuters)
Markets took the jobs headline at face value first. The 10-year U.S. Treasury yield rose about 4.5 basis points to 4.19%, while the dollar index initially firmed before slipping back. Joel Kruger, a market strategist at LMAX Group, said the report “trims but does not derail expectations for a June Fed cut.” (Reuters)
At the same time, the government also revised the recent past. The Labor Department said a benchmark revision showed the economy created 862,000 fewer jobs in the 12 months through March 2025 than previously estimated, a reminder that the labour picture has been softer than it looked. (Reuters)
Silver’s bounce showed up in U.S.-listed products that track the metal. Shares of the iShares Silver Trust were up about 3.2% at $75.78. (Investing)
But the market is still jumpy. Standard Chartered said “Silver (exchange-traded product) outflows are keeping silver vulnerable to volatility in the near term,” even as it pointed to an undersupplied market over time. (Reuters)
The next catalyst is Friday’s U.S. consumer price index, due at 8:30 a.m. ET on Feb. 13. A hotter reading could lift yields and the dollar again and squeeze silver, while a softer print would likely revive rate-cut pricing and keep the bid under bullion. (Bls)
