New York, March 4, 2026, 12:54 (EST) — Regular session
- Silver bounces, recovering from the previous session’s steep slide, as the dollar takes a breather.
- Traders are caught between concerns over Middle East tensions and a scramble for liquidity.
- Friday’s U.S. payrolls report is up next, a major potential mover.
Silver snapped back Wednesday, recovering part of the sharp drop from the previous session as the U.S. dollar slipped and ongoing Middle East tensions kept safe-haven interest alive. Spot silver jumped 2% to $83.69 an ounce at 1628 GMT. “The dollar has seen a pullback,” said Peter Grant, vice president and senior metals strategist at Zaner Metals, who also flagged continued volatility as a risk. 1
That’s relevant right now, as silver is being pulled by two forces. On one hand, investors buy it for safety when nerves are frayed. But silver’s also dumped quickly when traders are scrambling for cash, and lately, that push and pull has played out daily.
“This is one of those days when, if you’ve got profits, you have just take the risk off the board wherever you can,” said Robert Gottlieb, former head of precious metals at Koch Supply and Trading. Long bullion holdings can end up covering margin calls when stocks swing, Adrian Ash, head of research at BullionVault, pointed out. 2
It’s not just metals feeling the squeeze. Oil surged roughly 5% on Tuesday, while gold slid 4%. Other precious metals dropped close to 9% as liquidity concerns rippled through the markets, Jamie McGeever of Reuters noted. Interest-rate futures, notably, no longer fully reflect two quarter-point Fed cuts for this year. 3
iShares Silver Trust (SLV) climbed roughly 1.3% to $75.67 on the day, per Investing.com. Shares bounced between $75.19 and $77.06, making SLV the go-to silver play for many U.S. traders. 4
iShares data showed the trust’s net asset value stood at $73.65 as of March 3, following a sharp $12.06 decline in a single day. The sponsor fee comes in at 0.50%. 5
The spot silver chart remains unsettled. According to Investing.com, XAG/USD swung between $81.5195 and $86.7975 on Wednesday, starting out close to $82.0565. 6
Fresh U.S. numbers are shaping sentiment. ADP reported a 63,000 rise in private payrolls for February, while economists surveyed by Reuters are projecting Friday’s government report will show a 59,000 gain in nonfarm payrolls and the unemployment rate stuck at 4.3%. With oil and gas prices surging, traders have dialed back their bets on rate cuts, Reuters noted. The Fed’s policy rate remains between 3.50% and 3.75% following January’s decision. 7
Nonfarm payrolls—a key monthly snapshot of U.S. employment—often jolts rate expectations. When yields climb and the dollar firms up, precious metals tend to slip, since they don’t pay out income.
Still, this market is primed for sharp swings. A renewed safety bid for the dollar, or a flare-up in energy-related inflation angst, could see silver surrender its recent gains in short order. Industrial demand works both ways—when growth jitters hit, losses in silver often get magnified.
The next catalyst? Traders are eyeing the U.S. Employment Situation report for February, which drops Friday, March 6 at 8:30 a.m. ET. 8
