What drives the silver price?
Part precious metal, part industrial commodity — silver moves on everything from solar demand to rate decisions. Each row traces a chain of real events that pushed silver higher or lower, month by month.
What's driving markets right now — the full picture, every 3 days. Fast, free.
Sign upMAY 1 – MAY 31, 2026
MAY 18
Closed: +0.02%
🇺🇸 Treasury Yield Rise
2026-05-18
SILVER PRICE ▼
2026-05-18
Rising Treasury yields strengthen the dollar, making silver more expensive for other currency holders.
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SILVER PRICE ▼
🌍 Energy Price Rise
2026-05-15
🇺🇸 Inflation Rise
2026-05-15
Higher energy costs increase production and transportation expenses, pushing up overall prices.
🇺🇸 Interest Rate Rise Expectation
2026-05-15
Rising inflation leads to expectations that the Fed will raise interest rates.
🇺🇸 Us Dollar Strength
2026-05-15
Expectations of higher Fed rates strengthen the dollar by attracting foreign investment.
SILVER PRICE ▼
2026-05-18
A stronger US dollar makes silver more expensive for foreign buyers, reducing demand and prices.
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SILVER PRICE ▼
🇮🇷 Conflict Escalation
2026-05-11
🌍 Energy Price Rise
2026-05-11
Conflict escalation disrupts oil supply, raising energy prices globally.
🇺🇸 Inflation Rise
2026-05-15
Higher energy costs increase production and transportation expenses, pushing up overall prices.
🇺🇸 Interest Rate Rise Expectation
2026-05-18
Rising US inflation leads traders to expect the Fed may raise interest rates.
SILVER PRICE ▼
2026-05-18
Expectations of tighter Fed policy strengthen the dollar, making silver more expensive for other currency holders.
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SILVER PRICE ▼
MAY 15
Closed: −9.13%
🇮🇷 Conflict Escalation
2026-05-11
🌍 Energy Price Rise
2026-05-11
Conflict escalation disrupts oil supply, raising energy prices globally.
🇺🇸 Inflation Rise
2026-05-15
Higher energy costs increase production and transportation expenses, pushing up overall prices.
SILVER PRICE ▼
2026-05-15
Rising US inflation raises rate hike fears, strengthening the dollar and reducing demand for silver.
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SILVER PRICE ▼
MAY 12
Closed: −0.42%
🌍 Industrial Demand Expectation Rise
2026-05-12
SILVER PRICE ▲
2026-05-12
Silver's industrial usage improved expectations for physical demand, boosting its price.
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SILVER PRICE ▲
MAY 6
Closed: +5.07%
🇺🇸 War De-Escalation
2026-05-06
🌍 Oil Price Decline
2026-05-06
De-escalation reduced supply disruption fears, causing oil prices to ease.
🌍 Inflation Expectation Decline
2026-05-06
Lower oil prices reduce production costs, easing inflation expectations.
SILVER PRICE ▲
2026-05-06
Easing Middle East tensions lowered oil prices, reducing inflation fears and boosting silver demand.
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SILVER PRICE ▲
MAY 5
Closed: +0.05%
🕌 Geopolitical Tension Rise
2026-05-05
SILVER PRICE ▲
2026-05-05
Middle East tensions create uncertainty, driving investors to safe-haven silver, pushing prices up.
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SILVER PRICE ▲
APR 1 – APR 30, 2026
APR 30
Closed: +0.77%
🌍 Oil Price Rise Halt
2026-04-30
SILVER PRICE ▲
2026-04-30
Oil price rally halt lowered bond yields, making silver more attractive as a non-interest bearing asset.
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SILVER PRICE ▲
🌍 Safe-Haven Asset Demand Rise
2026-04-30
SILVER PRICE ▲
2026-04-30
Market volatility boosted demand for safe-haven assets, pushing silver prices higher.
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SILVER PRICE ▲
APR 28
Closed: −3.23%
🇺🇸 Military Strike
2026-04-24
🌍 Energy Price Rise
2026-04-24
Military strike threats and blockades disrupt oil supply, pushing energy prices higher.
🌍 Inflation Expectation Rise
2026-04-24
Higher oil prices increase costs, fueling concerns about rising inflation.
SILVER PRICE ▼
2026-04-28
Expectation of higher interest rates makes silver less attractive as a non-yielding asset.
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SILVER PRICE ▼
APR 27
Closed: +1.09%
🇮🇷 Diplomatic Negotiation Progress
2026-04-27
SILVER PRICE ▲
2026-04-27
Iran's proposal to reopen the Strait of Hormuz reduced geopolitical tensions, boosting silver prices.
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SILVER PRICE ▲
🇺🇸 Diplomacy Setbacks
2026-04-27
SILVER PRICE ▼
2026-04-27
Failed peace talks raised inflation fears, leading to expectations of higher interest rates, which hurt silver prices.
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SILVER PRICE ▼
APR 24
Closed: +1.22%
🌍 Peace Negotiation Progress
2026-04-24
SILVER PRICE ▲
2026-04-24
Optimism over US-Iran peace talks boosted investor sentiment, driving silver prices higher.
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SILVER PRICE ▲
APR 22
Closed: +1.94%
🇮🇷 Peace Talk Collapse
2026-04-22
SILVER PRICE ▼
2026-04-22
Peace talks collapsing reduces geopolitical risk, making safe-haven silver less attractive to investors.
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SILVER PRICE ▼
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APR 16
Closed: −1.11%
🕌 Diplomatic Negotiation Progress
2026-04-16
SILVER PRICE ▲
2026-04-16
Diplomatic progress reduces inflation fears, making silver more attractive as a hedge.
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SILVER PRICE ▲
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