New York, March 2, 2026, 12:55 EST — Regular trading hours.
Spot silver tumbled 6.6% to $87.64 an ounce as of 11:11 a.m. ET on Monday, surrendering gains after hitting its strongest level since Jan. 30. Gold held steady, trading just shy of $5,284, with the U.S. dollar index climbing over 1% and prompting some profit-taking after the morning’s surge. “Right now, the market is attempting to figure out whether these attacks are going to be followed up over the next several weeks,” said David Meger, director of metals trading at High Ridge Futures. Reuters
Markets lurched after strikes on Iran over the weekend, sending oil soaring and giving the dollar a boost, while stocks in the U.S. and Europe slipped. Brent surged 8.07% to $78.74 a barrel; U.S. crude tacked on 6.86% to $71.62. The renewed spike sparked concerns once again about inflation’s potential fuel from higher energy prices.
Washington’s latest ISM manufacturing PMI stayed north of 50, but the prices-paid gauge jumped to 70.5—the highest level since late 2022—as rising tariffs and costlier fuel rippled through suppliers. This combination typically props up the dollar and yields, putting pressure on non-yielding metals like silver.
Silver occupies a strange spot between gold and copper. In times of crisis, it sometimes takes on a safe-haven role, yet it’s also tied to growth, thanks to its use in electronics and a range of industrial sectors.
The metal’s been on a wild ride since late January. It soared to a record $121.6 on Jan. 29, then tumbled more than 25% the very next day after a wave of stop-loss selling. Some analysts are now eyeing $60 to $70 as a level that actually lines up with fundamentals. “There’s been a massive, massive retail frenzy getting into these markets,” said Ole Hansen, head of commodity strategy at Saxo Bank. Reuters
The haven trade can turn quickly. Should tensions ease while the dollar holds strong, silver might slide further. More downside if volatility prompts leveraged traders to trim their bets.
Energy throws a wrench into the mix. When oil prices climb, inflation expectations tend to follow, often driving rates up—a headwind for precious metals. Still, geopolitical tensions are propping up bids from below.
Silver often stands in as a barometer for risk appetite; the metal usually draws buyers when growth trends up and funding remains loose. But Monday’s trading made it clear how fast that relationship can unravel if the dollar suddenly swings.
Traders are eyeing U.S. data for signs that inflation isn’t letting up, keeping policy tight—something that hits silver harder than most. On days like this, silver tends to move like a financial asset, not just another commodity, so the numbers matter.
Eyes now turn to the U.S. nonfarm payrolls report, set for Friday, March 6 at 8:30 a.m. ET. If the jobs figures come in strong, the dollar likely stays buoyant. On a weaker release, silver could catch a breather.
