Silver price holds $78 amid U.S.-Iran tensions

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Silver price holds $78

Highlights

Spot silver rose to $77.85 an ounce, extending a rebound as markets monitored U.S.-Iran frictions and U.S. data.
A firmer dollar backdrop after Fed minutes kept upside momentum in check despite haven demand.
Traders are now focused on Friday’s U.S. PCE inflation release as the next catalyst for rates pricing.

A rebound with headlines in the driver’s seat

Spot silver was up 0.9% at $77.85 by mid-morning U.S. time, after a sharp gain the prior session, according to Reuters.

The day’s lift came as markets kept one eye on the Middle East: U.S. national security advisers met at the White House to discuss Iran, while the United States said forces headed to the region should be in place by mid-March.

Silver price dynamics (January - February 2026). Source: TradingView.

Even so, the tape stayed two-way. Daniel Pavilonis of RJO Futures described markets as choppy and volatile, a dynamic that has repeatedly produced abrupt reversals across precious metals this month.

Dollar tone and Fed signals set the ceiling

Rate expectations remain the counterweight. The Federal Reserve’s January meeting minutes showed officials aligned on holding rates steady but split on what comes next. Several were open to hikes if inflation stays stubborn, while others leaned toward cuts if price pressures cool.

That message helped underpin the dollar, which can make dollar-priced metals less attractive for some non-U.S. buyers and can blunt rally follow-through.

On the data front, U.S. weekly jobless claims fell to 206,000 in the week ended Feb. 14, reinforcing recent signals of labor-market resilience.

The next major checkpoint is Friday’s U.S. Personal Consumption Expenditures report, the Fed’s preferred inflation gauge, which traders are using to recalibrate the path for policy easing.

What traders are watching next

Silver was quoted higher earlier in the session at $78.78, a sign that buyers are still willing to press the rebound when headline risk flares.

But positioning remains fragile: the market has repeatedly shown it can move quickly when liquidity thins, turning routine macro updates into outsized intraday swings, a theme Bloomberg has highlighted in recent precious-metals coverage tied to Fed expectations and dollar moves.

In the near term, traders are treating the upper-$70 as the battleground. A sustained hold above that band would keep the rebound intact, while a slip back toward the mid-$70s would suggest the rally is losing sponsorship and reverting to the broader February chop.

The same geopolitical risk that supports havens can also feed inflation concerns via energy, mix that complicates rate-cut timing and can keep precious metals trading headline-to-headline rather than trend-to-trend.

Silver was recently bought on the decline toward $74 per ounce, which pushed prices back to $79.20 resistance. On the rise, the metal continues to be sold, but this time buying interest appears from $75.

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