New York, May 4, 2026, 16:06 (EDT)
Silver took a steep hit Monday, dropping to near $73 an ounce as fresh Middle East tensions pushed up oil and the dollar, stoking worries about persistent high rates. According to TradingView, which referenced Trading Economics data, silver was down over 2% on the day and is off roughly 20% since the conflict started.
Timing is key. Just days earlier, silver prices seemed to be holding up, but by 9:30 a.m. Eastern on Monday, Fortune’s tracker showed the metal trading at $73.71 an ounce—down $1.99 from the previous session, though that’s still 126.93% higher than a year ago. Spot silver refers to the current price for immediate delivery; premiums and dealer fees push coin and bar prices higher.
Oil, the dollar, and rates—same culprits, persisting for weeks—set the tone again. Reuters pointed to U.S.-Iran friction lighting a fire under the dollar and pushing Brent crude over 5% higher. “Fairly hawkish signals” on rates emerged, noted Bart Melek, global head of commodity strategy at TD Securities, with inflation fears back in the spotlight. Spot silver dropped 3.2% to $72.95. Reuters
May silver on the COMEX slid $2.879, or 3.79%, to finish at $73.072 a troy ounce—marking the steepest single-day decline since April, according to the Wall Street Journal. May gold dropped 2.38%, ending at $4,519.50.
Much of the calm seen Friday quickly vanished. As of 8:45 a.m. Eastern on May 1, Fortune put silver at $74.73 per ounce—99 cents higher over the past day and sitting more than $42 above where it was a year ago.
Rates are the sticking point here. Rising interest rates tend to sap demand for non-yielding assets—think metals that don’t generate any income. Silver also carries an added industrial twist: electronics, solar panels, medical tech. That means when growth concerns flare up, silver usually takes a bigger hit than gold.
Silver could be heading back to $70 if U.S. rates stay on an upward path, according to Christopher Lewis, senior analyst at FXEmpire. “Not the best time to buy it,” Lewis warned, citing the drag from higher rates. He flagged $80 as a likely short-term cap before any shot at $90. FXEmpire
Selling pressure hit more than just silver. On Monday, Trading Economics data had gold, platinum, and copper all sliding, but silver lagged furthest among the key precious metals as the dollar index strengthened.
Still, it’s not a straight path. Signs of easing tension in the Strait of Hormuz, softer U.S. jobs numbers, or a slip in the dollar could cool the rate jitters; on the flip side, a fresh oil rally or upbeat jobs data might push $70 back onto the table. Investors are tuned in to Fed remarks and U.S. employment numbers on the calendar this week.
Elior Manier, an analyst at MarketPulse, flagged silver’s slip through the $74-$75 pivot and crucial moving averages, putting $70 squarely in focus. Bulls would need a daily close above $76 to shake off the negative trend, Manier said. Right now, the tape is thin, quick, and hyper-reactive to headlines.
