2026.02.0415:28:09UTC+00Silver Holds Above $89

Silver experienced a pullback on Wednesday, settling just above $89 per ounce. This came as the markets assessed recent US economic data and considered its potential ramifications on Federal Reserve policy, especially following President Trump's nomination of Kevin Warsh as the new Fed chair. With important labor reports delayed this week, attention shifted to the ADP survey, which reported slower-than-anticipated private payroll growth. In contrast, a robust ISM services PMI suggested sustained momentum in the US service sector. Despite this, silver remained up by nearly 5%, marking its second consecutive day of gains after an unprecedented two-day decline where it lost up to 40% of its value. The wave of forced liquidations appears to have subsided, attracting interest from buyers capitalizing on the dip, bolstered by ongoing structural supply deficits and consistent industrial demand. Additionally, geopolitical tensions provided safe-haven support, following the US Navy's downing of an Iranian drone in the Arabian Sea, even as another round of US-Iran nuclear discussions is set for Friday.