New York, February 27, 2026, 12:45 EST — Regular session
- Spot silver jumped roughly 6%, with investors pivoting back to safe-haven plays.
- Geopolitical tensions and falling U.S. yields took the edge off a stronger dollar that followed the hot inflation data.
- Attention shifts to next week, with markets eyeing the U.S. jobs report and fresh business surveys as the Fed’s March meeting approaches.
By midday in New York, spot silver rallied 5.9% to $93.54 an ounce, bouncing from a range of $87.83 to $94.15 seen earlier in the session. The rebound clawed back a sizable portion of Thursday’s drop.
Precious metals found support as traders assessed the potential fallout from drawn-out U.S.-Iran nuclear discussions that stalled without resolution, fueling fresh Middle East worries. “There’s a lot of nervousness surrounding geopolitics,” said Phillip Streible, chief market strategist at Blue Line Futures, who called the current tone “risk-off” heading into the weekend. Lower U.S. Treasury yields lent an additional boost, shaving the opportunity cost for gold holders; bullion climbed, and platinum and palladium followed suit. Reuters
The backdrop remained choppy. The U.S. dollar strengthened after January’s Producer Price Index (PPI) came in up 0.5%, topping expectations for a 0.3% rise, according to Reuters. “There’s a real deep unease in markets about inflation and growth so far in 2026,” said Adam Button, chief currency analyst at investingLive. Chris Low, chief economist at FHN Financial, flagged some moderation in price pressures beneath the headline. Reuters
Silver rebounded after Thursday’s steep 2.5% drop to $87.14, as the market watched for cues from the Geneva talks. “Gold and silver are attempting to break above resistance levels at $5,200 and $90 but have failed to sustain gains so far this week,” Razan Hilal of FOREX.com said in a client note, pointing to drawdown risk if a geopolitical deal comes through in the near term. Zaner Metals’ Peter Grant, vice president and senior metals strategist, flagged persistent uncertainty despite the spotlight on the talks. Reuters
U.S. silver futures climbed sharply, with the most active contract on Investing.com last up 7.5% at $94.11. The day’s range stretched from $88.31 to $94.76, a volatile swing that points to just how fast risk sentiment has shifted.
The iShares Silver Trust ETF traded at roughly $84.66, up about 5% from its previous close of $80.45. According to iShares, the fund held approximately 517.5 million ounces of silver as of Feb. 26, with net assets near $44.7 billion.
Silver had already been moving on tariff chatter and geopolitical risks earlier this week. On Feb. 25, spot prices jumped 3.9% to $90.73. Bank of America, in a note, flagged the chance for silver to break above $100 an ounce again this year. “There’s an inflationary impact from tariffs and high oil prices, especially if an attack is imminent,” said Bart Melek, global head of commodity strategy at TD Securities. Reuters
The rally isn’t linear. Should geopolitical risk recede or if yields and the dollar surge again, silver tends to surrender gains fast — it usually swings harder than gold, both up and down.
Next week, traders face a packed calendar. Fresh U.S. numbers are on deck—business-activity surveys and the February jobs report among them—as the market tries to gauge the Federal Reserve’s next move at its March meeting. According to a Reuters poll highlighted in its “Take Five” column, payrolls are forecast to rise by 60,000, following a 130,000 increase in January. Reuters
Friday, March 6 brings the next major inflection point: the U.S. Labor Department drops its February Employment Situation report at 8:30 a.m. ET — data with the power to reset rate expectations and, by default, influence silver’s immediate direction.
