NEW YORK, March 30, 2026, 14:10 EDT.
Silver pushed past $70 an ounce Monday, with spot prices edging up roughly 1% to $70.27 in the afternoon. Investors kept turning to precious metals as the Middle East conflict dragged on. Friday saw a 2.2% rally, but silver is still nowhere near the record $121.6 set back on Jan. 29.
The impact isn’t limited to gold traders. Germany plans to slash the silver content in two euro collector coins—its 35-euro coin will see a 46% cut—underscoring how volatility in silver is hitting the physical side as well. Demand from jewellery makers, electronics, and solar panel manufacturers keeps the metal’s industrial exposure front and center.
Gold climbed 0.6% to $4,518.57 an ounce on Monday. Platinum advanced 1.6%, palladium tacked on 2.9%. That points to a broad bid for precious metals—not just a new squeeze in silver.
Jim Wyckoff, senior analyst at Kitco Metals, noted the war remains “running hot,” with traders zeroed in on crude oil, bond yields, and the dollar. That mix sits at the heart of silver’s current dilemma: conflict can trigger safe-haven demand, but it also fans inflation fears through energy, pressuring rates higher. Reuters
Some of the heavy lifting is coming from rates. After the Federal Reserve kept its benchmark interest rate at 3.50%-3.75% earlier this month, Chair Jerome Powell said the central bank could hold off and watch how the war plays out for growth and inflation. In response, money markets have scrapped their bets on Fed cuts this year—just before the conflict, traders were pricing in two. Precious metals don’t offer interest, so as yields climb, their shine tends to fade.
Traders now face a packed U.S. data calendar: job openings, retail sales, the ADP employment report, and nonfarm payrolls all hit this week. Watch for any hint of softer inflation or a slowdown—either could jolt rate expectations, and silver usually doesn’t wait around to move.
Friday’s rebound highlighted just how twitchy sentiment remains. Spot silver climbed 2.2% to $69.54 as dip buyers moved in following a sharp selloff, despite oil prices holding above $110 a barrel and the conflict escalating further.
There’s a risk this latest bounce won’t have much depth. Fawad Razaqzada, market analyst at City Index and FOREX.com, thinks gold’s climb could “fade” unless it breaks through resistance. Silver isn’t gold, but the same factors—oil, yields, and the dollar—are pushing it around. Hot energy prices and evaporating rate-cut hopes could leave silver struggling, even if buyers jump in on crisis jitters. And if geopolitical tensions ease, that safe-haven demand could evaporate just as quickly. Reuters
Things have calmed down a bit in the market compared to last week, but stability remains out of reach. Silver sits close to $70—far off the $121.6 high from January. After rocketing up 147% in 2025 followed by a swift pullback this year, the metal hasn’t found a clear direction. Germany’s latest adjustment to coin silver content serves as another sign: the turbulence isn’t over.
