LONDON, May 9, 2026, 10:41 (BST)
- Silver starts the week north of $80 an ounce, lifted by a strong rally late last week.
- Now it’s all about the dollar and Treasury yields, with traders weighing the Federal Reserve’s next steps after that stronger U.S. jobs report.
- Bulls have their eyes on $82.13 and $83.05. If prices slip under $80, though, the near-term setup takes a hit.
Silver starts the week perched above $80 an ounce, after surging late last week. The main wholesale spot price sits idle for the weekend. BullionVault marked silver at $80.37 per ounce as of 22:00 GMT+1 on Friday, a 6.78% weekly gain, and reminds users there’s no official daily silver price update over the weekend.
Timing’s crucial here. The Labor Department reported on Friday that U.S. payrolls climbed by 115,000 in April, with unemployment steady at 4.3%. For silver bulls, that’s a muddled read—jobs are still growing, yet not fast enough to stoke fresh rate-hike jitters.
It wasn’t a tidy response, which sets the stage for next week. According to Reuters, Treasury yields slipped after the jobs numbers, while the dollar index lost 0.3%, landing at 97.90. Tim Holland, chief investment officer at Orion Advisor Solutions, pointed out the figures “doesn’t make for a compelling case for Fed rate cuts.” The rally, in other words, remains closely linked to whatever the Fed does next. Reuters
On May 8, Bloomberg’s metals board listed spot silver at $80.3389, a gain of 2.40%. Over on COMEX, silver was at $80.87, up 0.85%. Gold and copper ticked higher as well, so silver’s currently drawing strength from both its precious and industrial sides.
Peers saw mixed action. Spot silver rallied 2.5% to $80.4 late Friday, Reuters said, while platinum added 1.3%. Palladium slipped. Spot gold picked up 0.7% and looked set for a gain on the week. “Gold is trading like a risk asset rather than a safe haven,” said David Meger, director of metals trading at High Ridge Futures, who linked the bounce to easing concerns over Iran and less energy-price strain. Reuters
Silver—ticker XAG/USD—caught a boost from the dollar’s slide, since metals priced in dollars tend to look more attractive to buyers spending other currencies. On Friday, FXStreet’s Ghiles Guezout noted the metal hovered near $80.70, a gain of 2.98% for the day, propped up by dollar softness and investors seeking safety as tensions in the Middle East persisted.
The outlook for next week has a bullish tilt, though it’s hardly straightforward. FXStreet’s Christian Borjon Valencia said silver is pressing up against Thursday’s weekly high at $82.13—a move through that level would set up a run at $83.05. On the flip side, he flagged first support at the 100-day simple moving average, sitting just above $80.01. If silver settles below there, $77.19 comes into play, followed by $76.44.
Looking at a wider model-driven perspective, the tone softens. On May 8, Trading Economics had silver priced at $79.90, a 6.09% gain over the last month. Their macro models and analyst calls predict $77.58 by the end of the quarter and $91.04 within a year. Silver’s position isn’t just about investment — according to the same source, its use in electronics and solar panels ties it more closely to swings in economic growth than gold.
The risk to the downside shouldn’t be ignored. A rebound in the dollar or yields, or a fresh push higher in oil that stirs up inflation worries, could pull the rug out from under the rate-cut narrative that’s been propping up metals. If prices slip below $80, the rally starts to look more like a stretch than something with staying power.
Right now, sentiment remains upbeat as long as silver trades north of $80. Bulls face two hurdles: first, pushing decisively past $82.13; then, hanging on if U.S. rate chatter or fresh Iran news shakes things up.
