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.

Silver Price75.95▲ 7.5% · 30d · 28 chains
2026-04-30: 4 bull · 0 bear2026-04-28: 0 bull · 2 bear2026-04-27: 2 bull · 2 bear2026-04-27: 2 bull · 2 bear2026-04-24: 1 bull · 0 bear2026-04-23: 0 bull · 1 bear2026-04-22: 0 bull · 1 bear2026-04-16: 1 bull · 0 bear2026-04-15: 1 bull · 0 bear2026-04-14: 1 bull · 0 bear2026-04-13: 0 bull · 1 bear2026-04-10: 3 bull · 0 bear2026-04-09: 1 bull · 2 bear2026-04-09: 1 bull · 2 bear2026-04-07: 1 bull · 1 bear2026-04-07: 1 bull · 1 bear2026-04-06: 0 bull · 1 bear2026-04-02: 0 bull · 2 bear
APR 2APR 14APR 23MAY 1

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MAY 1 – MAY 31, 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.
🌍 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.
APR 28 Closed: −3.23%
🇺🇸 Military Strike 2026-04-24
🌍 Fuel Price Rise 2026-04-24
Tensions and blockades in the Strait of Hormuz disrupted oil supply, pushing energy prices higher.
🌍 Inflation Expectation Rise 2026-04-24
Higher oil prices increase costs, fueling inflation worries.
🌍 Interest Rate Rise Expectation 2026-04-27
Oil price rally fuels inflation concerns, increasing likelihood of central banks keeping rates higher or tightening.
SILVER PRICE ▼ 2026-04-28
Expectation of higher interest rates makes silver less attractive as a non-yielding asset.
APR 27 Closed: +1.09%
🇮🇷 Diplomatic Proposal Submission 2026-04-27
SILVER PRICE ▲ 2026-04-27
Iran's proposal to reopen the Strait of Hormuz reduced geopolitical tensions, boosting silver prices.
🇺🇸 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.
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.
🌍 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.
APR 28 Closed: −3.23%
🇺🇸 Military Strike 2026-04-24
🌍 Fuel Price Rise 2026-04-24
Tensions and blockades in the Strait of Hormuz disrupted oil supply, pushing energy prices higher.
🌍 Inflation Expectation Rise 2026-04-24
Higher oil prices increase costs, fueling inflation worries.
🌍 Interest Rate Rise Expectation 2026-04-27
Oil price rally fuels inflation concerns, increasing likelihood of central banks keeping rates higher or tightening.
SILVER PRICE ▼ 2026-04-28
Expectation of higher interest rates makes silver less attractive as a non-yielding asset.
APR 27 Closed: +1.09%
🇮🇷 Diplomatic Proposal Submission 2026-04-27
SILVER PRICE ▲ 2026-04-27
Iran's proposal to reopen the Strait of Hormuz reduced geopolitical tensions, boosting silver prices.
🇺🇸 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.
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.
APR 23 Closed: −3.12%
🇺🇸 Military Strike 2026-04-20
🌍 Fuel Price Rise 2026-04-20
US military action against Iran disrupted oil shipping routes, reducing supply and pushing prices higher.
🌍 Inflation Rise 2026-04-20
Energy price rises from shipping disruptions increase costs for businesses, raising inflation risks.
🌍 Interest Rate Rise Expectation 2026-04-20
Higher oil prices from conflict create inflation risks, leading markets to expect central banks to raise rates.
SILVER PRICE ▼ 2026-04-23
Expectations of future interest rate hikes to fight inflation make silver less attractive as a non-yielding asset.

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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.
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.
APR 15 Closed: +0.13%
🇺🇸 Diplomatic Negotiation Progress 2026-04-14
🇺🇸 Dollar Decline 2026-04-14
Optimism about US-Iran negotiations reduces safe-haven demand for the dollar.
SILVER PRICE ▲ 2026-04-15
A weaker dollar makes silver cheaper for buyers using other currencies, increasing demand and pushing up its price.
APR 14 Closed: +5.12%
🇺🇸 Diplomacy Setbacks 2026-04-13
🇺🇸 Shipping Disruption 2026-04-13
Failed US-Iran talks led to a US military blockade of the Strait of Hormuz.
SILVER PRICE ▲ 2026-04-14
The US naval blockade raised geopolitical tensions, increasing demand for safe-haven assets like silver.
APR 13 Closed: −1.05%
🇺🇸 Military Strike 2026-04-13
🌍 Fuel Price Rise 2026-04-13
US threats to blockade a key oil shipping route caused global oil prices to surge.
🌍 Monetary Policy Tightening Expectation 2026-04-13
Higher energy prices from a shipping blockade increase inflation risks, making central banks consider delaying cuts or tightening policy.
SILVER PRICE ▼ 2026-04-13
Expectations that central banks will tighten policy due to inflation risks reduce demand for non-yielding assets like silver.

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APR 10 Closed: +0.06%
🇺🇸 Military Strike 2026-04-07
🌍 Fuel Price Rise 2026-04-07
Ongoing war tensions with Iran create supply concerns, pushing oil prices higher.
🇺🇸 Interest Rate Cut Expectation 2026-04-09
Higher oil prices raise inflation fears, making the Fed less likely to cut interest rates.
SILVER PRICE ▲ 2026-04-10
Expectations of lower interest rates make silver more attractive because it doesn't pay interest.
🇺🇸 Earnings Rise 2026-04-03
🇺🇸 Interest Rate Cut Expectation 2026-04-03
Strong job growth reduces pressure on the Fed to cut interest rates.
🇺🇸 Currency Depreciation 2026-04-08
Expectations of lower interest rates reduce demand for the dollar, making it weaker.
SILVER PRICE ▲ 2026-04-10
A weaker dollar makes silver cheaper for buyers using other currencies, increasing demand and supporting its price.
🇺🇸 Diplomatic Negotiation Progress 2026-04-10
SILVER PRICE ▲ 2026-04-10
US-Iran diplomatic talks reduced geopolitical risk, lowering oil prices and inflation fears, which boosted silver demand.
APR 9 Closed: +1.4%
🌍 Profit-Taking 2026-04-09
SILVER PRICE ▼ 2026-04-09
Investors sold silver to lock in gains after its price surged, causing the price to fall.
🕌 Fragile Ceasefire / War Uncertainty 2026-04-09
SILVER PRICE ▼ 2026-04-09
Silver fell because the ceasefire was fragile and already being breached, reducing safe-haven demand.
🇮🇱 Military Strike 2026-04-09
SILVER PRICE ▲ 2026-04-09
Israel's military strike in Lebanon raised fears of wider conflict, pushing investors toward safe-haven commodities like silver.
APR 7 Closed: −1.15%
🇺🇸 Military Strike 2026-04-02
🌍 Fuel Price Rise 2026-04-02
US military escalation in Iran raised fears of oil supply disruptions, pushing prices higher.
🇺🇸 Interest Rate Cut Expectation 2026-04-02
Higher oil prices from the war raise inflation fears, making investors expect fewer Fed rate cuts.
🇺🇸 Currency Appreciation 2026-04-02
Investors reduced expectations for Fed rate cuts, making the dollar more attractive and causing it to rise.
SILVER PRICE ▼ 2026-04-07
A stronger US dollar makes silver more expensive for foreign buyers, reducing demand and pushing prices lower.
🌍 War De-Escalation 2026-04-07
SILVER PRICE ▲ 2026-04-07
Silver prices rose because a temporary ceasefire reduced geopolitical risk and inflation fears.
APR 6 Closed: −0.1%
🇺🇸 Military Objective Achievement 2026-04-01
🕌 Diplomatic Negotiation Progress 2026-04-01
The US achieving its military objectives raised hopes for reduced tensions and potential diplomatic talks.
SILVER PRICE ▼ 2026-04-06
Ceasefire talks reduce safe-haven demand for silver, causing its price to fall.
APR 2 Closed: −4.13%
🇺🇸 Military Strike 2026-04-02
🇺🇸 Us Dollar Appreciation 2026-04-02
The US dollar rose as a safe-haven asset when Trump escalated military threats against Iran.
SILVER PRICE ▼ 2026-04-02
A stronger dollar makes silver more expensive for holders of other currencies, reducing demand and lowering its price.
🇨🇳 Inventory Decline 2026-04-02
SILVER PRICE ▼ 2026-04-02
Zinc prices fell despite inventory declines because Middle East conflict fears weakened demand outlook.

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APR 1 Closed: +1.58%
🇺🇸 Military Strike 2026-04-01
🌍 Fuel Price Rise 2026-04-01
Military strikes and attacks in the Gulf disrupt oil shipments through the Strait of Hormuz, reducing supply and pushing prices higher.
🌍 Inflation Expectation Rise 2026-04-01
Higher oil prices raise costs for transportation and production, which can lead to higher overall prices.
SILVER PRICE ▼ 2026-04-01
Investors are selling silver because they worry inflation will persist, making them prefer other assets.
🇺🇸 Military Objective Achievement 2026-04-01
🕌 Diplomatic Negotiation Progress 2026-04-01
The US achieving its military objectives raised hopes for reduced tensions and potential diplomatic talks.
SILVER PRICE ▲ 2026-04-01
Diplomatic signals eased tensions, weakening the dollar and supporting silver prices.
🇺🇸 Dollar Decline 2026-04-01
SILVER PRICE ▲ 2026-04-01
A weaker dollar makes silver cheaper for buyers using other currencies, increasing demand and pushing prices higher.
MAR 30 Closed: +0.76%
🌍 Physical Supply Shortage Threat 2026-03-30
SILVER PRICE ▲ 2026-03-30
Silver prices rose because ongoing supply shortage threats made investors worry about future availability.
🇮🇷 Diplomatic Resolution Optimism 2026-03-30
SILVER PRICE ▲ 2026-03-30
Optimism about diplomatic talks in Iran reduces geopolitical risk, making silver less attractive as a safe haven, but supply concerns still support prices.

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