LONDON, March 28, 2026, 17:04 GMT
Spot silver wrapped up Friday at $69.54 an ounce, rising 2.2% for the session and nudging just 0.2% higher than last Friday’s $69.39. A quiet weekly gain, but the week itself was anything but steady: silver spiked to $72.41 on Wednesday, plunged to $67.71 Thursday, and clawed its way back before the close.
There’s a straightforward reason this resonates now. Silver faces a tug-of-war. On one hand, fear can lift it alongside gold. Yet when oil, the dollar, and bond yields jump, the metal stumbles—since those moves reinforce expectations for U.S. rates to stick higher, not great for assets like silver with zero yield. “Gold and silver also not helping” investors seeking refuge, Rajeev De Mello of GAMA Asset Management summed up on Friday. Reuters
The uneasy mood looks set to persist into next week. Investors remain focused on whether conflict in the Middle East continues to push up energy prices, and if U.S. economic numbers—most notably March payrolls coming April 3—reinforce the belief that the Federal Reserve won’t rush to lower rates. According to Reuters, economists expect the jobs report to show 55,000 positions gained, with unemployment holding at 4.4%.
The week chopped along. Silver kicked off at $69.47 Monday, right after President Donald Trump hit pause on planned strikes targeting Iranian power assets. It held steady Tuesday, barely budging to $69.43. By Wednesday, though, prices spiked to $72.41 as oil prices slipped and concerns over rates started to ease off. Peter Grant at Zaner Metals described the rally as a “technical recovery.” Reuters
Thursday wiped out most of the previous rebound. With the dollar strengthening and oil climbing, spot silver plunged 5% to $67.71 as traders dialed back expectations for a ceasefire. Speculative flows have undermined gold and silver’s haven role in the short term, Intesa Sanpaolo analysts said. Friday’s move higher looked like bargain hunting after the sharp drop; Daniel Pavilonis at RJO Futures called the earlier slide a “good opportunity.” Reuters
Silver moved more violently than other precious metals. Gold settled Friday at $4,491.78 per ounce, with platinum closing at $1,868.89 and palladium wrapping up at $1,377.25. Silver—unlike gold—derives over half its demand from industries like electronics and solar, so it’s more vulnerable when growth jitters and tighter financial conditions come into play.
This goes a long way toward showing why silver bears little resemblance to its January self. The metal soared to an all-time high of $121.60 on Jan. 29, then momentum fizzled. By Feb. 2, Saxo Bank’s Ole Hansen was telling Reuters he expected a more justified range of $60-$70. After Friday’s close, silver sits about 43% under January’s top, now squarely back in that target zone.
Still, the broader setup remains. Back in February, the Silver Institute projected a sixth consecutive annual deficit for the market—meaning demand outpacing supply—even as industrial fabrication is expected to dip 2% this year. The group also predicted physical investment demand would jump 20% to hit its highest level in three years, a move that’s partly behind the buying interest when prices drop more sharply.
Inflation and rates remain the immediate concern. Fed Governor Michael Barr said policy might need to remain unchanged “for some time,” while Vice Chair Philip Jefferson cited the risk that persistently higher energy prices could push inflation up. On top of that, Barclays economist Jonathan Millar thinks the Fed will need more evidence before feeling confident inflation is cooling. A Reuters poll still flags September as the likely timing for a first cut, but the market isn’t buying it—traders have largely erased rate-cut bets for this year and are now assigning almost 30% odds to a hike. Reuters
Right now, trading has paused. COMEX silver futures—last seen at $69.77 on Friday—are off for the weekend, with the usual Sunday-to-Friday U.S. schedule. The next catalyst could be payroll data, or any headline out of the Gulf.
