Silver prices are moving cautiously as February begins, with market participants looking ahead to a week packed with significant economic releases. The primary focus is on upcoming U.S. economic indicators and a key policy announcement from India, both of which are poised to influence a market that remains highly sensitive to dollar strength and interest rate expectations.
Recent Price Performance and Metrics:
* Friday’s Closing Price: $85.14 (-26.47%)
* Weekly Change: -17.55% | 30-Day Change: +19.95% | Year-to-Date Change: +17.82%
* 30-Day Annualized Volatility: 95.70%
* 52-Week High: $116.89 (January 28, 2026) → Current Price Below High: -27.17%
* 52-Week Low: $46.90 (November 4, 2025) → Current Price Above Low: +81.55%
Industrial Demand Provides a Solid Backdrop
Beyond the immediate influence of currency and interest rates, the industrial demand outlook continues to serve as a fundamental support. According to sources, the ongoing global expansion of photovoltaic capacity is driving a consistent physical drawdown from warehouse inventories. A key medium-term factor will be whether this industrial offtake once again surpasses mine supply in 2026.
U.S. Economic Calendar Takes Center Stage
Monetary policy from the United States remains the dominant driver for precious metals. Given silver’s historical sensitivity to the U.S. dollar and real bond yields, the economic data scheduled for early February carries significant weight.
The week begins with the ISM Manufacturing Purchasing Managers’ Index (PMI) on Monday, February 2, offering an early snapshot of U.S. industrial activity. This data holds dual relevance for silver: a substantial portion of demand is tied to industrial use, while the strength or weakness of the figures also shapes market expectations for the Federal Reserve’s next policy moves.
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The main event arrives on Friday, February 6, with the release of the U.S. Non-Farm Payrolls report. A resilient labor market would likely bolster the dollar and pressure precious metals. Conversely, any signs of cooling could fuel speculation about a more accommodative monetary policy stance.
India’s Budget Announcement in Focus
Traders are also turning their attention to India at the start of the month. The presentation of the nation’s Union Budget on February 1 is a traditional market event, and India ranks among the world’s largest importers of silver.
Market observers are watching closely for any potential adjustments to import duties on precious metals. Such changes have historically had an immediate impact on physical demand flows. The key question is whether the government will introduce measures to stimulate the domestic jewelry and solar industries or maintain existing import barriers—a decision with potential consequences for global stockpiles.
Trading activity at the week’s open will likely be guided by the initial Asian market reaction to India’s budget news. Price volatility may increase again as Friday approaches, when the U.S. jobs data reshapes interest rate expectations.
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