NEW YORK, February 26, 2026, 13:12 (EST) — Regular session
- Silver slips further, retreating after popping back above $90 an ounce just a day earlier.
- Safe-haven demand remains volatile as geopolitics and evolving U.S. tariff plans unsettle the market.
- U.S. jobs figures are up next, with the March Federal Reserve meeting also on traders’ radar.
Spot silver dropped nearly 3% Thursday, with traders scaling down positions after the metal failed to hold above $90 an ounce. The price landed at $86.44, off 2.97%, having swung from $85.14 to $90.48 during the session, according to Kitco data.
Silver’s role is shifting: traders now see it as a high-velocity stand-in for both global risk and central bank policy—straddling its identity between industrial metal and safe haven, but with sharper swings than gold. Just a day after silver spiked to $90.75 an ounce during early U.S. trading, the pullback shows how rapidly sentiment can snap back.
Gold held its ground, inching up 0.1% to $5,168.80 an ounce. Traders have kept an eye on the metal, especially after last week’s volatile swings.
Traders eyed Geneva, where a third round of indirect U.S.-Iran negotiations was set for later Thursday, hoping for signs of a potential framework to ease headline risk. “Gold and silver are attempting to break above resistance levels at $5,200 and $90 but have failed to sustain gains,” wrote Razan Hilal, market analyst at FOREX.com, flagging “drawdown risks” if a near-term deal takes shape. Reuters
Trade policy remains a flashpoint. U.S. Trade Representative Jamieson Greer told reporters that certain countries face a tariff increase—some will see rates jump to 15% or higher, up from the newly set 10% duty. He stopped short of specifying which nations are affected. “It’ll go up to 15(%) for some,” Greer said in the interview. Reuters
There wasn’t much to cheer for metals traders in the latest U.S. numbers. Jobless claims ticked up by 4,000—hitting a seasonally adjusted 212,000 for the week ended Feb. 21—which suggests the labor market is still hanging steady. “The data show no sign of the layoffs we would expect in a weakening labor market,” said Carl Weinberg, chief economist at High Frequency Economics. Reuters
Silver is sensitive here—rising rates tend to dull appetite for assets without a yield. Traders are still puzzling over whether the Fed will opt for a cut, hold steady, or keep the suspense going at its March 17–18 meeting.
Expectations for rates are still shifting. Early Thursday, CME’s FedWatch tool — pulling probabilities from fed funds futures — posted new numbers.
Silver’s fortunes are tied to industry, with its demand rooted in manufacturing, electronics, and the solar sector. This dual role means macro headlines can tug the market both ways.
The near-term outlook remains tangled. Any major progress in the Geneva talks might sap some of the safe-haven buying, but a sudden shift in tariff policy—or unexpectedly robust U.S. data stretching out those rate-cut wagers—would likely keep the pressure on.
The focus now shifts to the February U.S. jobs data—set for release March 6 at 8:30 a.m. ET—before the Fed’s March policy meeting comes back into play.
