NEW YORK, March 24, 2026, 13:35 EDT
By 11 a.m. ET Tuesday, spot silver edged up 1.1% to $69.86 an ounce, sticking close to that $70 threshold. Investors kept one eye on Middle East tensions, the other on the threat of rising global rates. Gold barely budged. Platinum climbed 0.7%, while palladium slipped 1.3%.
The implications stretch past just bullion trading. Silver’s role in electronics, EVs, and solar panels, plus its appeal for investors, keeps it in the spotlight. The Silver Institute flagged in February that the market is on track for a sixth consecutive annual structural deficit in 2026—industry-speak for demand outpacing supply. That’s fueling the scrutiny around the recent volatility.
Pressure from the macro backdrop left its mark: Brent crude shot up 4.2% to $104.13 a barrel, the dollar index edged up 0.18% to 99.36, and traders trimmed expectations for rate cuts as the Strait of Hormuz issue stoked inflation concerns. Silver, much like gold, doesn’t yield interest—so rising rates and a stronger dollar hit hard and fast.
Bart Melek, the global head of commodity strategy at TD Securities, sees gold staying “under pressure for the second quarter” if war continues to push energy prices up. Silver’s been riding the same trend but with sharper moves thanks to its industrial ties and the heightened bets on higher rates. Kitco
Monday’s turnaround underscored how uncertain things remain. Silver climbed 2.5% to $69.47 after Donald Trump put off planned strikes on Iranian targets, triggering sharp moves across metals, energy, and stocks. “The earlier dip came as investors bailed out of bullish bets and braced for higher rates,” said David Meger, director of metals trading at High Ridge Futures, adding that swings could persist. Reuters
John Reade, senior market strategist at the World Gold Council, thinks precious metals are likely to react in time to stagflation — that messy mix of sluggish growth and elevated inflation — though he warns “more profit taking and liquidation” could come first. Silver, meanwhile, sits in a tug-of-war: some buyers are drawn in by its safe-haven appeal, while others stay cautious on worries over tighter policy. Reuters
Another issue: where exactly silver might settle after January’s fireworks. Last month, Reuters cited analysts who pegged $60-$70 an ounce as a more defensible level, this after silver spiked to an unprecedented $121.6 on Jan. 29 before plunging. Back in January, that range seemed far off. Not anymore.
Things could play out differently: a more decisive diplomatic move might take some of the war premium—the conflict-driven price cushion—out of commodities. But if shipping through Hormuz stalls for long, oil could stick above $100, pushing rate-cut bets further back. Right now, traders are putting inflation risk up front, safe havens a distant second.
