Silver prices steadied above the psychologically crucial $90 mark in global trade early on Wednesday, even as broader commodity markets navigated tariff shocks, a firm US dollar and renewed geopolitical crosscurrents.
The devil's metal was up 4.37% at $90.99 an ounce in the US spot market at 4:30 hours EST. On the Comex, the metal's futures were up 3.76% at $90.8.
On Tuesday, Comex Silver snapped its recent winning streak, ending nearly 1% lower amid profit-booking near a multi-month high. The metal has been volatile in recent weeks, especially after a record 38% intraday plunge in the last week of January 2026 that deflated speculative excess built up earlier in February.
Despite the correction, safe-haven flows remain intact. The rollout of a fresh 10% US global tariff — with the White House preparing to raise it to 15% — has heightened trade tensions. Several European and Asian economies are reviewing trade arrangements with Washington, while nuclear negotiations between the US and Iran are scheduled to resume Thursday, adding to geopolitical uncertainty.
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Axis Securities, in its Commodities Daily Insights note dated Feb. 25, said, “The immediate resistance zone is placed around the $91 level. A breakout above this level may push prices higher towards $95/$100.”
For the previous session, Comex Silver's day range stood at $85.08 – $91.36, reflecting sharp intraday swings as traders reacted to currency moves and positioning adjustments.
Dollar, Yields Cap Upside
A stronger US dollar and a flattening yield curve have limited upside momentum across precious metals. Markets have pared back expectations of an imminent Federal Reserve rate cut, tempering aggressive bullish bets.
Comex gold, meanwhile, fell more than 1.5% in the prior session, pressured by profit-taking near multi-week highs. The metal has rallied strongly in recent months, but elevated volatility — amplified by tariff uncertainty — has triggered intermittent corrections.
Structural Story Still Intact?
Silver's longer-term fundamentals remain complex. The metal is heading into its sixth consecutive year of structural supply deficits. However, elevated prices have prompted solar manufacturers — key industrial consumers — to accelerate substitution toward copper to manage rising input costs.
Axis Securities maintains a mildly bullish short-term bias on MCX Silver, with a trend score of 1, even as options data suggests call premiums have eased relative to puts — a sign of cautious positioning.
What Next?
Technically, the $91 level remains a decisive near-term hurdle. A sustained move above that mark could open the path toward the $95–$100 zone. On the downside, traders will closely watch whether bullion demand offsets pressure from a resilient dollar and shifting rate expectations. For now, silver has reclaimed $90 — but whether it can turn that foothold into a fresh leg higher will likely depend on trade policy clarity, US macro data and the outcome of geopolitical negotiations in the days ahead.
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