On Friday, silver prices experienced notable volatility, with conflicting reports on their direction. According to FXStreet, silver (XAG/USD) rose to $73.17 per troy ounce, marking a 0.45% increase from Thursday's price of $72.84 and a year-to-date gain of 2.93% [1]. The Gold/Silver ratio increased to 64.14 from 63.84, indicating a relative shift in valuation between the two metals [1]. However, CNBC reported that spot silver was last seen around 1.7% lower at $71.62 an ounce, oscillating between positive and negative territory throughout the morning, while silver futures were up by approximately 0.8% [2]. According to CNBC, silver is on track to end the week down more than 10%, following a broad sell-off on Thursday when spot prices slid around 3% amid concerns about the economic fallout from the Iran war [2]. This discrepancy highlights significant intraday volatility and differences in reporting times or data sources: FXStreet notes a price increase, while CNBC observes a decline and a losing week for silver [1][2].
Market sentiment has been heavily influenced by oscillating oil prices and geopolitical tensions, particularly the U.S. and Israel's war with Iran, which have sparked volatility across metals and equity markets [2]. Arthur Parish, a metals and mining equity analyst at SP Angel, attributed recent extreme volatility in gold to momentum trades unwinding after an extended rally ahead of the first U.S.-Israel strikes on Iran [2]. Toni Meadows, head of investment at BRI Wealth Management, emphasized that gold and silver prices are dependent on daily demand and a 'fear mark-up,' suggesting that investor sentiment and geopolitical risks play a crucial role in price movements [2].
Both gold and silver enjoyed record-smashing rallies in 2025, surging 66% and 135% respectively, but have faced much more volatile trade in 2026, with silver futures suffering their biggest single-day blow since the 1980s at the end of January [2]. Central banks accumulated gold during the Ukraine-Russia war, driving the initial leg of the multi-year gold bull run, but recent departures by retail and systematic investors have contributed to the current volatility [2].
FXStreet notes that silver's price is influenced by factors such as geopolitical instability, recession fears, interest rates, US dollar strength, investment demand, mining supply, and industrial demand, particularly from the US, China, and India [1]. Silver's status as a safe-haven asset and its industrial uses in electronics and solar energy also play a role in its price dynamics [1].
CONCLUSION
Silver prices are experiencing heightened volatility, with FXStreet reporting a daily gain while CNBC highlights a weekly loss and ongoing market uncertainty. Geopolitical tensions and fluctuating oil prices are driving investor sentiment, leading to sharp swings in precious metals. The market remains highly reactive, with both short-term and long-term factors influencing silver's trajectory.