Silver price tests $90 as dollar strength caps upside
Silver (XAG/USD) held close to the $90 mark this Wednesday, Feb. 25, as investors balanced a still-firm U.S. dollar against demand for defensive assets ahead of another round of U.S.-Iran nuclear talks in Geneva.
Highlights
- Silver futures traded around $90 after touching above $91 earlier in the session.
- The dollar index hovered near 97.82, limiting fresh upside for metals priced in U.S. currency.
- The U.S. 10-year Treasury yield stayed just above 4.03%, keeping financing conditions tight for non-yielding assets.
Cross-market tone
April silver futures were recently quoted at $90.72, after trading in a broad intraday band from $87.30 to $91.49. That kind of range points to a market still reacting quickly to macro headlines rather than settling into a smoother directional trend.
The dollar remained one of the main checks on momentum. With the DXY index near 97.82, silver is still facing a currency backdrop that can make fresh buying less comfortable for non-U.S. investors, especially after a sharp run higher over the past several sessions.
Silver price dynamics (January - February 2026). Source: TradingView.
Treasury yields also kept traders disciplined. The benchmark 10-year note opened around 4.038% and traded in a narrow range.
Risk backdrop
Safe-haven demand has not disappeared. Investors are still tracking renewed U.S.-Iran diplomacy, with negotiators due to meet in Geneva on Thursday, while the broader regional backdrop remains tense enough to keep some defensive positioning in metals and energy.
That support, however, is not translating into an unchecked advance. Currency markets were mostly stable on Wednesday, and Reuters reported the dollar index was only marginally softer as traders waited for clearer direction from policy and risk events, which fits the more measured tone in silver.
For now, the market appears to be in consolidation mode. Silver is holding near the upper end of its recent range, but with yields still above 4% and the dollar still elevated, traders may need either a weaker greenback or a stronger risk-off push to extend the rally convincingly beyond the latest highs.
As previously reported, silver has seen a safe-haven demand due to heightened geopolitical risks involving the U.S. and Iran, driving renewed buying interest after recent volatility.
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