New York, March 5, 2026, 5:31 p.m. EST — After-hours
Silver dropped on Thursday, with U.S.-listed silver stocks staying under pressure after hours. A stronger dollar and rising Treasury yields drowned out safe-haven flows tied to the escalating Middle East crisis. By 5 p.m. EST in New York, spot silver hovered near $82 a troy ounce, off about 1.5% for the session. The iShares Silver Trust shed $1.06 late, while Pan American Silver slid $1.91, Hecla Mining dropped 95 cents, and First Majestic Silver lost $2.39.
This is significant: silver’s facing the same squeeze from the strong dollar and rising yields that’s been weighing on gold. Investors are bracing for Friday’s U.S. payrolls numbers. Because silver doesn’t offer any interest, climbing bond yields make holding it less attractive.
Earlier in the week, the metal caught a brief bid when the U.S.-Israeli campaign against Iran escalated and oil surged on renewed supply concerns. But that support evaporated as the dollar index added 0.5% and benchmark 10-year Treasury yields pushed up to a three-week peak near 4.14%. Bart Melek, global head of commodity strategy at TD Securities, noted that traders were juggling higher oil prices and the threat of inflation, but rising yields tend to put pressure on precious metals.
Earlier this week, Bob Haberkorn at RJO Futures described the precious metals selloff as a “flight to cash.” He noted that if geopolitical tensions escalate, gold and silver might catch a bid again, with silver especially quick to snap back once safe-haven buying resumes. Reuters
Selling hit silver-related stocks and funds. SLV, the big silver ETF, was changing hands at $74.27 near Thursday’s close. Pan American sat at $59.95, Hecla at $20.80, and First Majestic at $26.27.
Thursday knocked silver down, but the metal remains over 16% higher for the year, following a retail-fueled surge to an all-time high of $121.60 on Jan. 29. Back in February, the Silver Institute projected a sixth consecutive year of structural deficit—demand exceeding supply—even as industrial demand cools and both recycling and mine output pick up.
Near term, risk is running in both directions. If payrolls come in soft on Friday, bets on Fed rate cuts could get a fresh boost, offering silver some relief. But a firm jobs number—plus higher yields and a robust dollar—might drag silver lower again, given its industrial ties to electronics, EVs, and solar.
Eyes are on the U.S. February jobs numbers coming at 8:30 a.m. ET Friday, with CPI data set for March 11 and the Fed meeting following on March 17-18. Traders are betting the Fed stays put on rates this month, according to Reuters.
