Silver Hits Fresh 14-Year High

Silver prices slid more than 6% toward $70 per ounce on Thursday as the US dollar gained ground following President Donald Trump’s prime-time address. Trump offered no clear end date for the Middle East conflict and noted that the US had nearly achieved its strategic goals in Iran but cautioned that the military campaign could intensify over the next two to three weeks. The remarks pushed the US dollar higher, as it has recently emerged as a safe-haven asset, putting pressure on dollar-denominated precious metals. Meanwhile, oil prices climbed again, stoking inflation worries and fueling expectations of tighter monetary policy, which in turn pushed yields higher and added further pressure on dollar-based assets. Markets have recently ruled out any US rate cuts in 2026, a sharp shift from pre-war projections of two reductions.

Silver prices pared earlier losses to hover around $75 per ounce on Wednesday as the metal found support from a weakening US dollar and shifting geopolitical signals in the Middle East. While the asset extended a sharp monthly sell-off from March it recovered from recent lows as the dollar index retreated from a ten-month high following signs that the US aims to restore vessel flows in the region. President Donald Trump indicated that Iran requested a ceasefire but he noted the US will only consider a deal once the Strait of Hormuz is fully operational and secure while warning of further escalation if attacks on tankers persist. This rhetoric maintained volatility across commodity markets as oil prices fluctuated after a brief dip while the 10-year Treasury yield remained little changed following a significant rise last month. Despite the recovery silver remains well below its record highs as strong US private employment and retail sales data suggest the economy remains resilient.

Silver slipped to around $74 per ounce on the first trading day of April, extending its sharp monthly sell-off of more than 20% in March. This marked the steepest decline since September 2011, and silver now trades nearly 40% below January’s record highs, reflecting inflation concerns amid disrupted energy markets and prompting a hawkish shift by investors and central banks. Traders have abandoned expectations of US rate cuts in 2026, reversing pre-war forecasts of two cuts. Meanwhile, markets briefly steadied early in the session as hopes of easing Middle East tensions emerged. President Trump indicated that the US had largely achieved its military objectives and would leave other nations to manage issues in the Strait of Hormuz. This followed Iranian state media citing President Masoud Pezeshkian, who said the Islamic Republic is ready to end the war if its conditions are met.