NEW YORK, April 14, 2026, 14:07 EDT
Spot silver surged 5.2% to $79.48 an ounce by 1:34 p.m. ET Tuesday, up from $75.71 the previous session. The move followed a softer dollar and sliding oil prices, as traders wagered U.S.-Iran negotiations might resume.
Silver’s jump isn’t happening in a vacuum—the metal is being pulled by the same trends rattling oil, currencies, and rate trades. After Tuesday’s weaker-than-forecast U.S. producer-price report, worries about inflation eased off, letting metals rebound from the slide triggered by war headlines.
The Labor Department reported a 0.5% increase in its Producer Price Index for March, coming in under the 1.1% rise economists had penciled in. Goods prices climbed 1.6%, while services flatlined. Energy costs, though, surged 8.5%, a reminder that inflationary pressures are sticking around despite Tuesday’s softer-than-expected print.
Unlike gold, silver has a significant industrial angle. Paul Wong at Sprott Asset Management points to lingering questions around oil supply as a factor that could drive more solar investment, propping up silver demand. The Silver Institute, for its part, noted in February that another supply shortfall is on the cards, with the market heading for its sixth consecutive deficit—demand set to outpace supply yet again in 2026.
Bob Haberkorn, senior market strategist at RJO Futures, said, “If we see positive news, metals will continue higher.” According to Haberkorn, a weaker dollar and sliding oil prices are pushing precious metals back up. Reuters
The dollar index fell 0.3% to 98.05, hitting its lowest level since March 2. Brent crude slid to $96.72 a barrel, with U.S. crude settling at $94.75. “Washington appeared to be ‘looking for an exit ramp,’” said Karl Schamotta, chief market strategist at Corpay, as hopes rose for a deal to reopen the Strait of Hormuz and relieve inflation pressures. Reuters
Silver outperformed the rest of the precious metals group, posting the strongest advance. Gold advanced 2% to $4,831.78 an ounce. Platinum was up 1.3%, settling at $2,096.91, while palladium edged higher by 0.7%, closing at $1,585.21.
Tuesday’s rebound might not hold up for long. Charu Chanana at Saxo described the mood as “trading hope, not resolution.” If oil prices spike again, bets could swing back to the Federal Reserve sticking with higher rates—or even hiking more—which typically weighs on bullion, since it doesn’t generate any yield. Reuters
FWDBONDS chief economist Christopher Rupkey described the March PPI as “not as bad as feared,” though he pointed out that producers continue to see price hikes above typical levels. That scenario keeps silver vulnerable if inflation proves stubborn and fresh rate-cut hopes get pushed back. Reuters
CME FedWatch bases its probabilities on fed funds futures, while Reuters noted traders continue to see just roughly a one-in-three shot at a Fed rate cut this year. At this point, silver’s direction hinges less on supply fundamentals and more on developments in diplomacy, oil, and the dollar.
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