NEW YORK, February 27, 2026, 17:10 EST — Trading continued after-hours.
- Spot silver jumped 4.8%, trading at $92.60 an ounce during the afternoon session in New York
- iShares Silver Trust (SLV) ended the session 5.6% higher at $84.99. Shares barely budged after hours.
- Attention shifts to U.S. manufacturing data out Monday, with the March 6 jobs report also on traders’ radar before the Fed’s March meeting.
Silver shot higher Friday, bouncing hard after Thursday’s dip as traders piled into safe havens amid renewed Middle East concerns and a dip in U.S. Treasury yields. Spot silver (XAG/USD) jumped 4.8% to $92.60 an ounce as of 1:38 p.m. ET, setting up for a hefty 9.7% monthly climb. “There’s a lot of nervousness surrounding geopolitics… it’s a risk-off in a flight to safety,” said Phillip Streible, chief market strategist at Blue Line Futures. 1
Silver’s jump stands out, given its reputation for whipsawing around the metals sector whenever yields or risk sentiment twitch. It straddles both safe-haven flows and industrial demand, a combination that can send prices swinging wildly on fresh macro news — much more so than gold.
U.S. investors saw silver’s surge hit silver-linked securities right away. Shares of the iShares Silver Trust, a leading spot silver proxy, settled up 5.6% to $84.99 on the NYSE, according to Investing.com data. After the close, it slipped slightly in after-hours trading. 2
Markets remained on edge. Ongoing U.S.-Iran friction has hung over trading for weeks, pushing investors to stay cautious as each weekend approaches, with everyone watching for the next Middle East flashpoint, according to a Reuters “Take Five” markets preview. 3
Expectations around rates cranked up the pressure. U.S. producer prices jumped 0.5% in January, outpacing forecasts, according to the Labor Department. That print kept traders leaning toward the idea that the Federal Reserve might hold rates steady for longer. “We expect the Fed to remain on pause during its upcoming March meeting,” said Ben Ayers, senior economist at Nationwide. 4
This is key for silver, which doesn’t generate interest. As bond yields decline, the opportunity cost of owning metal drops—prompting some investors to rotate funds into bullion.
Platinum jumped 3.4% to $2,350.34, and palladium edged down 0.5% to $1,775.31. Spot gold tracked higher, gaining 0.8% to $5,230.56 an ounce earlier in the session.
iShares Silver Trust turned in its annual Form 10-K on Friday, revealing a jump in net asset value to roughly $38.0 billion by year-end 2025, up from $13.4 billion twelve months earlier. Shares outstanding moved higher as well, landing at 582.95 million. 5
According to the filing, the trust—backed by an iShares arm within BlackRock—aims to mirror silver prices prior to fees. There’s no active management involved.
But silver’s mood can shift fast. Should geopolitical tensions cool, or if U.S. data sends yields higher, funds may exit the metal in a hurry—spurring a wave of profit-taking right after the rally.
Another hurdle arrives right away. Monday brings a slate of U.S. manufacturing data, with the ISM manufacturing report in focus—a favorite among traders watching for early signs of growth momentum and rate signals. 6
The focus swings to the U.S. February employment report later this week, with numbers hitting at 8:30 a.m. ET on Friday, March 6. A strong jobs figure might bump yields higher and sap some momentum from bullion, while a weaker read could send things the other way. 7
Next up for traders: the Fed’s preferred inflation measure. The core personal consumption expenditures price index — which excludes food and energy — lands March 13, per the BEA. 8
The Fed’s March 17-18 meeting is drawing the most attention. Investors want to see if policymakers sharpen their “higher for longer” tone after the latest inflation data. 9
