【Singapore】Silver Collapses Nearly 17% in Asian Market, Gold Cracks 3.5% as Precious Metals Erase Recent Gains

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Editor’s Note

Precious metals faced renewed pressure in Asian trading Thursday, with silver plummeting over 16% to erase recent gains and gold also falling sharply. This follows a period of extreme volatility, underscoring the ongoing market turbulence.

Silver price
Sharp Decline in Asian Trading

Spot silver tumbled as much as 16.6% on Thursday, having briefly recovered above $90 an ounce in early Asian trading. Silver fell sharply, erasing a two-day recovery, as the white metal struggled to find a price floor following a historic market rout. Gold also declined. Meanwhile, spot gold dropped as much as 3.5% in choppy trading.

Analyst Commentary on Market Sentiment
“Sentiment seems to have turned soggy across most asset classes, including regional equities and metals,” said Christopher Wong, a strategist at Oversea-Chinese Banking Corp Ltd. “This underscores fragile sentiment” and has created “a feedback loop amid thin market liquidity,” he said.
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Context of the Rally and Sudden Halt

Precious metals soared last month in a rally underpinned by speculative momentum, geopolitical upheaval and concerns about the US central bank’s independence. The surge came to a sudden halt at the end of last week, with silver seeing its biggest ever daily drop on Friday and gold plunging the most since 2013.

Policy and Market Outlook

Markets are weighing the policy implications of Kevin Warsh’s nomination as Federal Reserve chair, with President Donald Trump saying Wednesday he would not have nominated him for the role had he expressed a desire to hike interest rates. Trump said in an NBC News interview there was “not much” doubt the Fed would lower rates again — a tailwind for precious metals, which don’t pay interest.

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Volatility and Structural Drivers
“Price action is likely to remain volatile until there is greater certainty on the monetary policy outlook,” Standard Chartered Plc analysts including Sudakshina Unnikrishnan said in a note. Some of this near-term volatility is resulting from investors redeeming their holdings in exchange-traded products, they said, but “structural drivers remain intact and we continue to expect a rebuild to the upside.”
Latest Price Levels

Silver plunged 12.7% to $76.9495 an ounce as of 11:18 a.m. in Singapore. Spot gold was 2.1% lower at $4,859.20 an ounce. Platinum and palladium fell. The Bloomberg Dollar Spot Index rose 0.1%.

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⏰ Published on: February 09, 2026