LONDON, March 11, 2026, 08:42 GMT
Spot silver slipped 0.8% to $87.74 an ounce as of 0641 GMT on Wednesday, surrendering some of Tuesday’s gains while traders reduced exposure ahead of U.S. inflation figures. Gold ticked up 0.1%. Platinum dipped 0.6%. Palladium moved 0.5% higher.
Timing’s crucial here. The U.S. Consumer Price Index—widely watched for inflation signals—drops at 8:30 a.m. Eastern on Wednesday. Economists polled by Reuters predict a 0.3% monthly gain and a 2.4% jump from the previous year. “Progress is stalling out again,” said Sarah House, senior economist at Wells Fargo. For silver, which doesn’t yield interest, even minor rate-cut speculation can send prices swinging. Reuters
That was on display Tuesday. Spot silver jumped 2.7% to $89.39, with the dollar losing ground and oil slipping from earlier peaks—moves that made dollar-denominated metals more attractive to buyers holding other currencies. “The pullback in oil could ‘re-energize’ investor interest in precious metals as a hedge against currency debasement,” said Bart Melek, global head of commodity strategy at TD Securities. Reuters
Wednesday saw a dip, but safe-haven flows aren’t fading. Nikos Kavalis, managing director at Metals Focus, points to easing inflation concerns reviving hedging demand “to the fore.” The U.S.-Israel conflict with Iran has also locked down the Strait of Hormuz, which carries about 20% of the world’s oil and LNG shipments. Reuters
Oil’s driving the narrative today, and possibly in a bigger way than anything else. Brent slid to $87.57 a barrel after the Wall Street Journal said the International Energy Agency pushed for what would be its largest-ever release of emergency reserves. That move took the edge off inflation anxieties in precious-metals trading.
Silver’s story isn’t just about safe-haven demand. The metal plays a critical role in electronics, solar panels, EVs, and investment products like bars and coins. The Silver Institute last month projected a sixth consecutive year of structural deficit for the market, with demand still topping supply. That’s even as the group expects industrial demand to cool by 2026.
But things can turn fast. Spot silver slipped 0.2% to $84.18 on Monday, pressured by a stronger dollar and growing bets on higher rates. Jim Wyckoff, senior analyst at Kitco Metals, noted that if inflation comes in hotter, the Fed faces a “quandary”—CPI beating forecasts could push Treasury yields and the dollar higher, he said. Reuters
This year’s moves in silver have already been sharp. On Jan. 29, prices surged to an all-time high of $121.60, up 147% for 2025, before pulling back to roughly $81 in early February. Investors buckle in for another set of hurdles: CPI lands Wednesday, PCE inflation hits Friday, and then the Fed convenes for its March 17-18 meeting.
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