Safe-haven assets turned volatile in Tuesday’s session, following a two-day recovery rally, as investors appeared to be holding back on fresh bets ahead of the release of key US economic data that could shape the outlook for US Federal Reserve monetary policy.
After a nearly $100-per-troy-ounce jump in the previous session, the April futures contract on Comex fell $68 per ounce on 10 February to the day’s low near the $5,011 mark, though it remained above the $5,000 level for the second straight session.
Investors are awaiting US economic data for clues on the Fed’s policy direction, with the January jobs report due on Wednesday and expected to show signs of labour market stabilisation, while inflation data is scheduled for Friday. Non-yielding bullion typically performs well in a low-interest-rate environment.
The Fed is widely expected to keep interest rates steady in March, with two rate cuts priced in later this year.
Meanwhile, White House economic adviser Kevin Hassett said on Monday that US job gains could slow in the coming months due to softer labour force growth and higher productivity.
Adding to concerns over the Fed’s independence, President Donald Trump’s nominee to become the next Fed chair, Kevin Warsh, voiced support for a new accord between the US central bank and the Treasury Department.
Comex silver prices reach $80
Silver prices, which have a dual role as both a precious and an industrial metal, also fell marginally, with the March silver contract on Comex easing by $2 per ounce to an intraday low of $80.25.
Meanwhile, silver inventories on the Shanghai Futures Exchange (SHFE) have plunged to their lowest levels in nearly a decade, underscoring growing tightness in the global physical silver market and raising concerns over supply chains.
Latest data show that silver available for delivery on the SHFE has declined to around 350 tonnes, the lowest level since 2015. According to CEIC data, silver inventories stood at 318.546 tonnes as of 9 February 2026, down from 349.900 tonnes reported on 6 February 2026, Mint reported earlier.
This marks a steep decline of more than 88% from the all-time high of 3,091.112 tonnes recorded on 12 January 2021, highlighting the extent of the drawdown in China’s exchange-held silver stocks over the past few years.
MCX gold, silver trade in tight range
In the domestic market, the April gold futures contract on MCX is trading flat at ₹1,58,178 per kilogram, while the March silver futures contract is down 1.17% at ₹2,59,551 per kilogram as of 8:00 PM.
(With inputs from Bloomberg, Reuters)
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
