Silver (XAG) experienced a sharp intraday decline on February 2, 2026. Spot silver prices on major exchanges fell approximately 11.3% to trade near $75 per ounce.

Silver prices have entered a consolidation phase after a volatile January 2026, climbing from below $40/oz on MCX to over $120/oz in Shanghai futures before a 26% one-day drop on January 31.

Silver is moving through a rare phase where sharp swings define daily trading. The market has been experiencing an unusual liquidity inflow and outflow, and price action is tight.