Topline
The price of silver on Monday jumped the most in a single day since February, rising more than 7% at its peak, as some analysts suggest the months-long rally that lifted the metal to its highest-ever price earlier this year could come back despite a downturn due to the Iran war.
Key Facts
The price of silver is about $86.60 as of 2:30 p.m. EST, up about 7%, though slightly down from its intraday high price of $86.80.
Monday’s price rally, which lifted silver’s price by more than $6 an ounce, was the metal’s biggest surge in terms of both dollar value and percentage gain since late February.
The price of silver hit a two-month high on Monday, approaching its highest price since it oscillated around the $90 mark in mid-March before declining amid pressures stemming from the war in Iran.
Monday’s rally was fueled largely by increasing investor optimism in silver, Bloomberg reported, citing analysts at TD Securities, who said investors that had waited on the sidelines in recent weeks increased silver buying on Monday while the price’s upward trend also inspired buying from followers.
Other analysts suggested additional factors include President Donald Trump’s visit later this week to China and deadlocked peace talks between the United States and Iran.
Could Silver’s Record Highs Return?
The price of silver surged throughout 2025 and early 2026 to an all-time high price above $120, buoyed by factors including international tensions, federal interest rate cuts, tariffs and increased demand for silver from technological industries. Philippe Gijsels, chief strategy officer at BNP Paribas Fortis, told CNBC last week he expects silver’s rally to return and predicts both gold and silver will “reach new all-time highs in the not too distant future, potentially this year.” He said the value of both metals became more volatile throughout the war in Iran over fears that inflation would cause interest rates to rise, but aside from war-related pressures, the factors that caused gold and silver’s prices to surge last year “are still very much in place.” “As the fog of war lifts, investors will come back into the market for gold and silver,” Gijsels said. Christopher Romano, a commodities analyst for Reuters, published an analysis of silver’s latest price moves on Monday and said the metal is “on the road to recovery” after a few volatile months, saying silver has broken through downward trends and has “secured a foothold in a higher range” and can “increase market expectations that it could climb to $90.”
Tangent
Gold had a more muted day of trading on Monday, rising just 0.1% to $4,736 an ounce. Priyanka Sachdeva, an analyst at Phillip Nova Pte Ltd, said in a note gold is “trapped between geopolitical anxiety and rising inflation worries,” suggesting gold may stay “directionless despite extreme volatility across global markets.”
Key Background
Though gold and silver are considered safe-haven assets that tend to rise in price as international tensions grow, metals prices have been volatile throughout the war in Iran. Both metals traded inversely with oil prices, which surged during the war. Silver closed above $93 and gold closed above $5,200 on the last day of trading before the war began, and both quickly tumbled after the United States and Israel struck Iran in late February. Gold and silver prices rose occasionally during the war, often in response to hopes that a peace deal would be on the horizon.
Further Reading
Gold and silver’s historic rally could resume ‘as fog of war lifts’, market watchers say (CNBC)
Mapping the Market: Silver prices may be on the road to recovery (Reuters)
