Silver: Industrial Attributes Amplify Precious Metal Volatility

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Silver’s current quoted price is about $72 to $73 per ounce. During the day, it once fell to $72.05, a decline of 3.95%. Compared with the prior peak of more than $116 to $120, it has sharply dropped by about 40% to 44%, with volatility far exceeding that of gold. Recently, silver has been trading in the $69.66 to $75 range. As global liquidity tightens and the U.S. dollar strengthens, selling pressure keeps intensifying.

Silver also has both precious-metal safe-haven attributes and industrial metal attributes, making its price more sensitive to changes in the macro environment. In the early stages of a geopolitical crisis, silver rose along with gold; but when the crisis continues to escalate and leads to a deterioration in global economic prospects, expectations of declining industrial demand instead weigh on silver prices. The current U.S.-Iran conflict is still ongoing—Trump has claimed he will carry out “severe strikes” against all Iranian power plants, and at the same time posted videos on social media claiming that airstrikes destroyed Iran’s “largest bridge,” exerting pressure. This situation both supports silver’s safe-haven demand and, by driving up energy prices due to strikes on Iran’s energy facilities, suppresses industrial activity, forming a complex logic of price drivers. In addition, the metal tariff order signed by the Trump administration on April 2 imposes a 50% tariff on imported steel, aluminum, and copper, and a 25% tariff on derivative products, which may affect the pricing of global industrial metal supply chains. From a technical perspective, silver’s key support is at the $70 round-number level; if it breaks, it may test the $66 to $68 area of prior lows. Resistance is at $75 to $78, and a breakout would require further worsening of the geopolitical situation or a significant weakening of the dollar.

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