Silver prices are trading in the $69.70-$70.50 per ounce range as of March 28, 2026, and have recorded a net increase of around 2.24-2.92% today. Spot silver opened at $67.97 and climbed to $69.87-$70.52, gaining approximately $1.60-$2.00 in the last 24 hours. On a weekly basis, it has gained momentum in recovery after the sharp decline at the beginning of March.

The main driver of the rise is the geopolitical risk premium. With the Iran war continuing, Trump's postponement of the ceasefire deadline to April 6th, and the ongoing uncertainty in the Strait of Hormuz, investors have turned to classic safe-haven assets. While silver isn't as pure a "safe haven" as gold, it reacts more volatilely when combined with industrial demand. Analysts comment that "the Iran tension has increased the risk premium by $5-8"; furthermore, the global supply deficit (at a record level in 2025) and demand from the solar/electronics sector are providing support.

Short-Term Technical and Market Situation
- Daily range: $67.40-$71.62

- Performance over the last month: 22% decrease (sharp correction from January peak of $121.64)

- Year-to-date change: Still 104%+ positive (remnant of the record 147% rally in 2025)

Technically, $68 is strong support, while $72-$75 is the first resistance. Open positions in COMEX futures contracts are increasing, while physical demand (especially from Asia) remains strong.

The Iran War and Silver Dynamics
In the first weeks of the war, silver surged to $96, then fell by 15-20% due to fears of an industrial slowdown. Today, with the Hormuz risk and oil remaining above $100, a safe-haven trend has begun again. Silver has a high correlation with gold (0.75-0.85%), but due to its industrial metal properties, it carries a higher beta: the oil shock is both increasing energy costs and supporting demand for green technologies like solar panels. Analysts predict an average of $81 for 2026; in the short term, the $70-75 range is the most likely consolidation area.

🕵️Summary and Things to Watch🤔

Silver today showed a clear positive divergence due to geopolitical tensions, and the price per ounce is testing the psychological threshold of $70. If the Iran conflict subsides quickly, there is a risk of a pullback to $65-68; however, if it prolongs and the oil crisis deepens, levels of $80+ may come back into play. Following the historic rally in 2025, a more mature rise is expected in 2026: thanks to both safe-haven and industrial dual demand.

Markets are closely following Trump's Iran negotiations and the Hormuz negotiations; each new development can move silver by $3-5. While high volatility persists for investors in the short term, the structural supply deficit appears supportive in the long term.
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