Silver Prices Rally, Ready to Surge Again?
Jakarta, CNBC Indonesia – Silver prices have again firmed in weekend trading, after previously correcting as investors appeared to take a breather following a rally in prices some time earlier.
Refinitiv data shows that in Friday’s session (6 March 2026), silver settled at US$84.33 per troy ounce, up 2.63% from the previous session. However, over the week, silver prices were down 10.11% on a point-to-point basis.
The price movement of silver tends to follow gold, which has regained its footing, although over the week it has languished due to softer expectations for rate cuts and inflation concerns stemming from higher energy prices. Additionally, US employment data, which remains fairly strong, has weighed on silver.
A surge in global oil prices due to escalating tensions in the Middle East has tempered prospects for rate cuts, with markets now pricing in around 40 basis points of easing from the US Federal Reserve this year.
Fed policymakers are set to meet on 18 March 2026, widely expected to keep rates steady, with the first cut anticipated in July 2026.
Separately, the Challenger Job Cuts report showed US companies announced 48,307 lay-offs in February, down 55% from January’s 108,435.
Meanwhile, initial jobless claims for the week ending 28 February were 213,000, unchanged from the previous reading and below market expectations of 215,000.
Nonfarm productivity in Q4 2025 rose 2.8%, down from 5.2% previously. In the same period, labour costs per unit rose 2.8%, reversing a 1.8% decline in Q3.
“A very weak payrolls report indicating widespread job losses in the private sector alongside rising wages hints at stagflation,” said Tai Wong, an independent metals trader, quoted by Reuters on Sunday (8 March 2026).
Despite the softening, as with gold, silver has upside potential amid the conflict.
Israel launched a major wave of strikes on Tehran on Thursday (5 March 2026), targeting what was described as infrastructure owned by Iranian authorities, after Iranian missiles forced millions of Israelis to seek shelter in bunkers.