New York, Feb 25, 2026, 17:25 EST — After-hours.
Silver pushed higher Wednesday, though gains cooled off after an early pop. Spot silver (XAG/USD) was last quoted at $89.09 an ounce for a 2.38% advance, according to Kitco, having earlier touched $91.42.
Silver’s role has grown more important as it now serves as a rapid barometer for two clashing forces—inflation fears versus growth concerns. The metal typically moves ahead of other markets, reflecting shifts in the dollar and rate bets almost instantly.
Silver straddles both sides: it’s a hedge for jittery investors, yet just as much a key industrial material when production lines are busy. The metal’s price can whip around sharply as money jumps between “risk-off” and “risk-on” moods.
Spot silver surged 3.9% to $90.73 earlier in the U.S. session, marking a three-week high as precious metals broadly advanced. The White House started imposing a temporary 10% global import tariff on Tuesday, with efforts underway to push that rate to 15%, according to an official. “There’s an inflationary impact from tariffs and high oil prices,” said Bart Melek, global head of commodity strategy at TD Securities, highlighting how bullion is drawing investor hedges. Reuters
JPMorgan on Wednesday bumped up its long-term gold price target to $4,500 an ounce, sticking with its $6,300 call for the end of 2026, pointing to ongoing demand from central banks and investors. Over at Bank of America, analysts flagged worries that silver might fall further in the short run, though they still see the metal pushing back above $100 before year-end. According to the note, spot silver traded near $90.70—well below January’s record high of $121.64.
The quick reversal was on full display Tuesday. Spot silver dropped 1.2% to $87.21, pressured by traders locking in gains and a stronger dollar putting the squeeze on precious metals. Pushing to new highs? That’ll take “a fresh geopolitical catalyst,” according to Jim Wyckoff, senior analyst at Kitco Metals. Reuters
Geneva is set for another possible inflection point. U.S. envoy Steve Witkoff and Jared Kushner will meet Thursday with an Iranian team headed by Foreign Minister Abbas Araqchi for a third round of nuclear program negotiations, according to Reuters. Iranian President Masoud Pezeshkian described the meeting’s prospects as holding a “good outlook,” as both camps chase a deal against a backdrop of mounting regional pressure. Reuters
Rates hover in the background regardless. Metals lacking a yield can lose appeal when yields climb, but when the dollar weakens, dollar-priced bullion often becomes more affordable for those buying in other currencies.
Silver’s thinner market means swings hit harder. When momentum shifts, positions pile up rapidly—just as easily, they unravel if headline news flips the mood.
Even so, safe-haven bets can unwind fast. Should tariff tensions cool or diplomatic movement with Iran reduce fears of a flare-up, demand for precious metals could drop in a hurry—putting silver at risk for another steep slide.
Up next for traders: U.S. producer price data. The Labor Department will put out January’s producer price index on Feb. 27 at 8:30 a.m. ET.
