Quick overview

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Silver is still more than 40 percent below its peak of $121.6 per ounce on January 29, despite a nearly 6.5 percent increase in price over the past week. The precious metal has found strong support from the same factors that drive its sister metal, gold, coupled with a tighter supply amid strong industrial demand.

Silver hit an intraday high of $69.7 per ounce early on March 26. It dropped as low as $67 per ounce later in the session. The white metal settled at $67.97. Silver fell as traders sold their paper market positions to cover margin calls, much like gold did.

The white metal peaked on March 27 at $70.3 per ounce before it closed at $69 as the market stabilized.

Silver continued to rise on Monday as the appeal of non-yielding assets grew amid falling US Treasury yields, closing at $70.12 after reaching an intraday high of US$71.72 in early morning trading.

Gold and silver futures are among the most actively traded non-crypto contracts on Binance, indicating rising demand for safe-haven assets amid rising geopolitical tensions. The rise in gold and silver futures trading can be attributed to both geopolitical and economic factors.

Precious metals are becoming more popular due to US trade tariffs, West Asian tensions, and the ongoing peace talks between Russia and Ukraine. This risk-off sentiment is typically negative for Bitcoin as investors move to safer assets. The Bitcoin price target market has no trading volume, indicating a lack of active speculation.

Gold and silver futures activity indicate that traders are hedging against potential escalations that could impact Bitcoin’s trajectory. This pattern suggests that the market’s sentiment has changed.