Bengaluru, April 9, 2026, 23:37 IST.
- Spot silver jumped 2.9% to $76.24 an ounce on Thursday, building on Wednesday’s 3.3% rally.
- Precious metals found support as the dollar softened and traders watched for signs the U.S.-Iran ceasefire would last. March U.S. CPI is on the docket for Friday.
- Analysts described the truce as fragile, which left markets on edge despite the bounce in metals.
Spot silver climbed 2.9% Thursday, hitting $76.24 an ounce—adding to gains since Washington and Tehran settled on a two-week ceasefire. That follows a 3.3% surge the previous day as the dollar sagged and buyers crept back into precious metals.
Silver stands at the intersection of two markets. Investors often turn to it when there’s a shift in the dollar or rates, but it’s also a key material for electronics, EVs, and solar panels—meaning any change in inflation or growth tends to move silver quickly.
The macro picture shifted fast—oil slid under $100 after the ceasefire, dragging the dollar off its highs. But by Thursday, any sense of stability was fading. Israel ramped up strikes in Lebanon, Iran’s blockade at the Strait of Hormuz still hadn’t budged, and Brent hovered at $95.50, off an earlier spike to $99.50. The dollar index slipped 0.37% to 98.69.
Bob Haberkorn, senior market strategist at RJO Futures, pointed out that a weaker U.S. dollar gave precious metals some room to recover, though he noted “caution in the market” with traders weighing the implications of the ceasefire. Silver climbed Thursday, moving up with the rest of the precious metals, rather than on its own. Reuters
Edward Meir at Marex flagged that the truce might help cool inflation and strengthen the argument for Fed rate cuts—good news for metals. Still, he called the deal “still very tenuous” and cautioned it could fall apart fast. Reuters
Now, inflation is next up. Investors are watching for March U.S. consumer price figures on Friday. Personal Consumption Expenditures—the Fed’s preferred inflation measure—climbed 2.8% year-on-year through February. Minutes from the Fed’s March 17-18 meeting revealed a bigger bloc of officials open to possible rate hikes.
Gold climbed 1.63% to $4,793.07 an ounce, lifted as Treasury yields pulled back and the dollar lost ground. Silver rallied too, but the gain looked more like a piece of a broader metals surge than any isolated action.
The risk here is straightforward. Derek Halpenny, MUFG’s EMEA head of global markets research, flagged that as long as Hormuz stays closed, “the entire ceasefire remains tenuous.” Should oil prices shoot up again or inflation stay stubborn, the Fed might keep policy tight for even longer—bad news for non-yielding metals, which don’t offer any interest. Reuters
Beneath the daily fluctuations, a tighter supply picture keeps brewing. Back in February, the Silver Institute projected a sixth consecutive structural deficit—meaning demand outpacing supply—with physical investment forecast to jump 20% this year, despite some cooling in industrial demand.
Still, Thursday’s price remains well under the Jan. 29 record high of $121.60. What happens in the coming sessions hinges on progress at planned talks in Pakistan and any signals from U.S. inflation that might let policymakers ease their hawkish stance.
