Spot Silver (XAGUSD) ended the week at $80.34, up $4.98, or 6.61%, in its strongest weekly performance of the year. The metal traded as low as $72.20 and as high as $82.13, with the rally gathering force after Treasury yields backed off and the U.S. Dollar Index weakened.
The move came after a rough start. Spot Silver was pressured early in the week by rising June WTI crude oil prices tied to the Middle East conflict, then reversed as June WTI crude oil dropped hard late in the week on Iran peace signals. That shift mattered because silver had already been hit earlier this year when the Fed pushed back and energy prices surged, even after traders aggressively priced in multiple Fed rate cuts for 2026.
Tuesday’s April Consumer Price Index report now takes center stage. March CPI rose 0.9% monthly and 3.3% annually, its strongest monthly increase since mid-2022, and traders will be looking for any sign that inflation is cooling enough to ease pressure on the Fed. Lower oil prices can reduce inflation pressure and give the central bank room to move eventually, which is part of why silver has regained momentum.
Silver also outperformed gold last week, helped by the way it draws buyers from both precious-metals and industrial-demand channels when conditions improve. Those industrial themes include solar panels, electronics and electric vehicles, so the price of silver today is being driven by both macro expectations and real-world demand. For now, the market is waiting to see whether Tuesday’s inflation data reinforces the latest rally or puts it back to the test.
