New York, February 25, 2026, 13:22 EST — Regular session
- Spot silver jumps roughly 4%, trading near $90.7 an ounce after a short-lived push above $91.
- Uncertainty around tariffs and rising Middle East tensions have traders moving into metals, seeking safety.
- Traders are watching Friday’s U.S. producer-price figures, hunting for the next sign on inflation.
Silver pushed its way past $90 an ounce Wednesday, tacking on more gains in a volatile rally for the metal. Spot prices rose roughly 4% to $90.67, having hit an earlier high of $91.25.
Investors moved quickly into safe havens amid renewed tariff jitters and escalating Middle East risks. “The uncertainty from tariffs and high oil prices is creating hedge buying,” said Bart Melek, head of commodity strategies at TD Securities. Gold pushed higher, with platinum and palladium also climbing. Reuters
Silver’s year has been anything but quiet, with prices rocketing to an all-time high of $121.64 on Jan. 29, then swinging wildly since. Bank of America flagged the chance for silver to top $100 again sometime in 2026, but cautioned there’s still plenty of turbulence ahead—and possibly a short-term drop.
Uncertainty has only deepened since Washington brought in fresh tariffs. The U.S. started collecting a new 10% global import tariff on Tuesday—temporary for now. According to a White House official, the Trump administration is already preparing to push that up to 15%. This comes just days after the Supreme Court tossed out earlier duties that had been imposed under emergency powers.
Jamieson Greer, the U.S. Trade Representative, threw out another curveball on Wednesday, telling reporters the tariff rate is set to climb to 15% or more for select countries—though he didn’t specify which ones. “Right now, we have the 10% tariff. It’ll go up to 15(%) for some,” Greer said during an interview. Reuters
Silver’s direction is still tied in large part to where traders see rates going. Boston Fed President Susan Collins said it’s “quite likely” the Fed will keep rates steady for “some time.” Richmond Fed President Thomas Barkin described policy as “well positioned” for risks to the outlook. Reuters
Silver’s a tricky one for macro traders. Sometimes it shows its safe-haven side during market jitters, but unlike gold, its big role in industry means it often reacts sharply to growth concerns.
Silver doesn’t usually follow a simple path. Should tariff plans start to take shape, or if diplomatic efforts strip away some of that risk premium, demand for safe havens can evaporate quickly. Higher yields also tend to sap the appeal of metals that don’t pay interest.
Friday brings the next big data point: January’s U.S. producer price index drops at 8:30 a.m. ET. PPI measures what producers are charging—useful for spotting inflation signs before they hit consumers.
Following the recent federal funding lapse, certain U.S. releases are delayed—the Census Bureau has moved the January durable goods report to March 13. For silver, tariff headlines and inflation cues remain front and center, with Friday’s PPI eyed as the next major data point.
