Silver price firms above $71 as oil shock revives haven trade

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Silver price firms above $71

Highlights

Silver traded near $71 after swinging between roughly $67 and $71 on March 30.
The U.S. dollar index held near 100.28 while the U.S. 10-year yield hovered around 4.38% to 4.44%.
Brent crude climbed above $116, keeping inflation anxiety and haven demand in the same conversation.

Monday’s move gave silver a cleaner tone than the late-March chop that kept knocking it off balance. The climb back through $70 matters because that zone had started to look fragile after last week’s selling, and reclaiming it shifts the very short-term chart away from breakdown territory.

The first level traders are likely to watch now sits around $69 to $70. A pullback that holds there would suggest buyers are no longer just reacting to panic swings but are beginning to rebuild a floor after the recent washout.

Overhead, the immediate test sits near Monday’s high around $71.75, with the next stretch opening toward the low $72 area if momentum stays intact. A failure to stay above $70 would put the market back in the same uneasy range that has defined most of the month.

Silver price dynamics February - March (Source: TradingView.)

A metal caught between fear and financing costs

The session’s backdrop was messy but readable. Oil extended its surge as the conflict tied to Iran deepened, and that fed a familiar market reflex: investors moved back toward defensive assets even while higher energy costs reinforced concern that inflation could stay sticky.

That is where silver gets complicated. It benefited from the same flight to safety that lifted gold, yet it still had to contend with a stronger dollar and a yield backdrop that keeps non-yielding metals from running too freely. On Monday, silver rose about 2.5% to $71.36 while gold gained 1.6%, the dollar index traded near a 10-month high, and the 10-year yield remained close to the upper end of this month’s range.

There was also a more metal-specific reminder of how distorted the market has become. Germany said it would reduce the silver content in some collector coins after the metal’s earlier price surge made the old composition less practical, a small but telling sign of how extreme silver pricing has been over the past year.

What the next turn could look like

If silver can keep closing above $70 while gold stays firm and energy markets remain stressed, buyers may try to press the move toward $72 and then test whether a broader recovery can take shape into the new month. That case gets stronger if yields cool even slightly from here.

The weaker scenario is not hard to sketch either. A fresh jump in yields or another leg higher in the dollar could stall the rebound quickly and drag silver back toward $69, with the late-March low near the upper $67 area returning to view if conviction fades.

Silver rarely trades as a pure haven for long. It tends to absorb both fear and growth anxiety at the same time, which is why its price action often looks rougher than gold when macro signals start colliding. That split remains the bigger story into April: the metal is attracting buyers again, but it is doing so in a market still dominated by oil, rates and war headlines.

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