Spot Silver Jumps to Highest Level Since March 13 on Ceasefire and Dollar Weakness
Spot Silver (XAGUSD) closed at $80.80 Friday, its highest level since March 13 and up about 4% for the week. Three things drove it. The ceasefire, the dollar and oil. They all lined up in the same direction and silver ran with it.
The 10-day ceasefire between Israel and Lebanon pulled fear out of the market. Oil fell 9% the same day after Iran confirmed the Strait of Hormuz would stay open. Those two headlines hit at the same time and silver responded to both. Lower oil eases inflation pressure and keeps rate cut expectations alive. Silver has industrial demand underneath it that gold doesn’t. Solar panels, electronics and electric vehicles all require it in meaningful quantities.
