LONDON, March 4, 2026, 22:20 GMT
- Silver holds just above $83, recovering after tumbling in the previous session.
- Precious metals stayed jumpy as the dollar whipsawed and fresh war headlines hit the wires.
- All eyes on U.S. payrolls now, as traders hunt for the next rate clue.
Spot silver picked up 1.8% to $83.43 an ounce late in the day, according to Kitco. Prices moved in a wide range, from $81.44 at the low end up to $86.92.
The rebound comes after a sharp drop on Tuesday, with silver plunging up to 10% as investors dumped the metal and snapped up dollars—even as the Middle East war continued to roil other safe-haven plays. One Reuters columnist called it less a panic-driven rush for safety, more a scramble to raise cash.
On Wednesday, the dollar lost some steam. The dollar index dipped 0.31% to 98.77, while spot silver caught a lift, climbing 1.65% to $83.39. Oil prices took a breather and risk assets found buyers. “Investors are seeing light at the end of the tunnel,” said Karl Schamotta, chief market strategist at Corpay in Toronto. Reuters
Spot silver rebounded 1.3% to $83.07 earlier, bouncing after an over 8% slide the session before. Gold found its footing, too, and both platinum and palladium edged higher, according to Reuters. “The dollar has seen a pullback, which is providing some support,” said Peter Grant, vice president and senior metals strategist at Zaner Metals. Traders kept an eye on U.S. numbers following the ADP employment data and ahead of Friday’s nonfarm payrolls, where a Reuters poll put expectations at 59,000 new jobs for February. Reuters
Silver’s a bit of a split personality—it shadows gold when investors get nervous, yet the metal also follows shifts in risk appetite, thanks to its heavy industrial use.
The blend means currency swings pack a punch. A stronger dollar tends to weigh on metals priced in greenbacks; when the dollar slips, metals can catch a break—even when the news backdrop still looks grim.
The rebound’s on shaky ground. A sharp move higher in the dollar, or renewed cash hoarding, could easily overwhelm safe-haven flows and flip a “risk-off” session into a round of forced selling.
According to traders, attention is shifting to U.S. jobs data as the likely next driver for markets, with any move in rate expectations seen as key. Rising rate forecasts typically pressure non-yielding metals—investors get better returns from cash or bonds, leaving metals less attractive.
Silver’s working to regain its footing following a brutal session. The conflict hangs in the background, but the dollar’s in control right now.
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