Gold prices in the Philippines rose on Friday, based on FXStreet data. Gold was priced at PHP 9,729.50 per gram, up from PHP 9,623.65 on Thursday.
Gold increased to PHP 113,482.90 per tola from PHP 112,248.40 a day earlier. Listed prices also include PHP 97,294.95 for 10 grams and PHP 302,619.00 per troy ounce.
How FXStreet Calculates Local Gold Prices
FXStreet converts international gold rates into Philippine prices using the USD/PHP exchange rate and local units. Prices are updated daily at publication time and are for reference, as local rates may differ slightly.
Gold has historically been used as a store of value and a medium of exchange. It is also used in jewellery and is often bought during market stress, inflation, or currency weakness.
Central banks are the largest holders of gold. They added 1,136 tonnes worth around $70 billion in 2022, the highest annual purchase on record.
Gold often moves inversely to the US Dollar and US Treasuries. It can also move opposite to risk assets such as stocks, and it tends to rise when interest rates fall.
Market Drivers And Near Term Outlook
Gold prices are showing strength, rising against currencies like the Philippine Peso. This move is largely tied to a softening US Dollar, which has dipped 2% over the last month against a basket of major currencies. We see this as a key indicator for the precious metal’s direction in the near term.
Central banks continue to be major buyers, adding a reported 85 tonnes to their reserves globally in January 2026 alone. This sustained demand, reminiscent of the record-breaking purchases we saw back in 2022 and 2023, provides a strong floor for the market. It shows that institutional players are still hedging against economic uncertainty.
The market is now pricing in a 60% chance of a US Federal Reserve interest rate cut by the third quarter, following last week’s dovish commentary. As a non-yielding asset, gold becomes much more attractive when interest rates are expected to fall. This shift in monetary policy expectation is a primary driver for our current outlook.
Given these factors, we believe long positions in gold derivatives are warranted over the coming weeks. Buying call options with strike prices 5-7% above the current level, expiring in the second or third quarter, offers a way to capture potential upside. This strategy allows for significant gains if the bullish trend continues while defining the maximum risk.
For those looking for a more cost-effective approach, a bull call spread could be considered to lower the initial premium outlay. Market volatility has been ticking up, with the Gold Volatility Index (GVZ) climbing to a three-month high last week. This environment makes options pricing dynamic but also presents opportunities.
We are also watching the inverse correlation with risk assets, which appears to be holding firm. The S&P 500 has traded sideways for the past two weeks, suggesting some investor caution is creeping in. This is different from the risk-on rally we observed in late 2025, when gold faced significant headwinds.
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Gold prices in the United Arab Emirates rose on Friday, based on FXStreet data. Gold was priced at AED 605.99 per gram, up from AED 599.47 on Thursday.
The price per tola increased to AED 7,068.11 from AED 6,992.14 a day earlier. Other listed rates were AED 6,059.86 for 10 grams and AED 18,849.12 per troy ounce.
UAE Gold Price Benchmarks
FXStreet converts international gold prices into AED using the USD/AED rate and local units. Prices are updated daily at the time of publication and are for reference, with local rates able to differ slightly.
Central banks are the largest holders of gold and often add it to reserves as part of diversification. They added 1,136 tonnes worth around $70 billion in 2022, the highest annual total since records began, according to the World Gold Council.
Gold often moves opposite to the US Dollar and US Treasuries, and can also move against risk assets such as equities. Its price can be affected by geopolitical instability, recession fears, interest rates, and the strength of the US Dollar.
Given the rise in gold prices today, March 6, 2026, we are seeing its role as a store of value being reinforced. This upward move suggests investors are seeking safety during what feels like turbulent times. Derivative traders should view this as a signal of growing risk aversion in the broader market.
Implications For Derivative Traders
We have seen this trend building, as central banks continued their strong buying pace through all of 2025, adding another 800 tonnes to their reserves according to the latest World Gold Council data. This underlying demand provides a solid floor for prices. This is happening as the US Dollar has softened, falling about 2% from its late 2025 highs, which usually helps push gold prices up.
As a non-yielding asset, gold becomes more appealing now that the Federal Reserve is hinting at a pause to the interest rate hikes we saw last year. With the latest inflation report for February showing a stubborn 3.1%, real yields on government bonds remain low. This makes holding a physical asset like gold a logical alternative for many.
For derivative strategies, this environment could favor long call options to bet on further price increases with a limited downside. Implied volatility on gold options has climbed to a six-month high of 18%, suggesting the market expects larger price swings in the coming weeks. This makes strategies that benefit from volatility, such as straddles, potentially interesting if major economic data is due.
We must also remember gold’s inverse relationship with risk assets. When we look back at 2025, we saw gold dip whenever stock markets showed significant strength. A sudden positive turn in the equity markets could therefore act as a brake on gold’s current rally.
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Gold prices in Pakistan rose on Friday, based on FXStreet data. Gold was priced at PKR 46,094.46 per gram, up from PKR 45,603.01 on Thursday.
The price per tola increased to PKR 537,636.80 from PKR 531,904.60 a day earlier. Other quoted prices were PKR 460,944.70 for 10 grams and PKR 1,433,667.00 for 1 troy ounce.
How FXStreet Calculates Local Gold Prices
FXStreet derives local gold prices by converting international rates using USD/PKR and adjusting for local units. The figures are updated daily at publication time, and local market rates may differ slightly.
Gold is used as a store of value and a medium of exchange, and it is also used in jewellery. It is often used as a hedge against inflation and currency weakness because it is not tied to a single issuer or government.
Central banks hold the most gold and add it to reserves as part of diversification. Central banks added 1,136 tonnes worth about $70 billion in 2022, the highest annual total since records began, including purchases by China, India and Turkey.
Gold often moves inversely to the US Dollar and US Treasuries and can also be inversely linked to risk assets. Prices can also react to geopolitical events, recession fears, and interest-rate changes, as gold is priced in US dollars (XAU/USD).
Market Drivers And Trading Considerations
Gold is showing notable strength, reminiscent of the price increases we observed at times during 2025. With the latest February 2026 inflation report showing consumer prices remain elevated at 3.1%, the metal’s role as a hedge is coming into focus. This environment makes call options attractive for traders betting that this inflationary pressure will persist in the coming months.
The Federal Reserve’s current stance on interest rates is creating significant tension for the precious metal. While the high-rate environment we’ve experienced is typically a headwind for a yield-less asset like gold, any signal of a future policy pivot could trigger a sharp rally. Derivative traders should watch for increased volatility around upcoming FOMC announcements, creating opportunities for strategies like straddles.
We see the US Dollar Index holding firm near the 104 level, which is currently acting as a cap on gold’s potential upward movement. This inverse correlation remains a key indicator; a strong dollar makes gold more expensive for holders of other currencies. A decisive break below key technical support for the dollar could be a primary trigger for entering long positions in gold futures.
We must also consider the steady and powerful demand from global central banks, a trend that has continued since the record-breaking purchases seen in 2022. The World Gold Council’s data for the fourth quarter of 2025 confirmed that emerging market banks continued to be significant net buyers. This institutional demand provides a strong underlying price support, potentially limiting the downside risk for traders buying on dips.
Geopolitical instability and fears of a slowdown in major economies also reinforce gold’s status as a safe-haven asset. Given the current tensions in global trade and mixed signals from equity markets, holding some exposure to gold can be a prudent hedge. Traders might use derivatives to protect their portfolios against a sudden downturn in riskier assets.
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Gold prices rose in India on Friday, based on FXStreet data. Gold was INR 15,172.27 per gram, up from INR 15,015.04 on Thursday.
The price increased to INR 176,971.40 per tola from INR 175,132.50 a day earlier. Other listed prices were INR 151,726.60 for 10 grams and INR 471,909.90 per troy ounce.
How FXStreet Computes India Gold Prices
FXStreet estimates India gold prices by converting international prices using USD/INR and local units. The figures are updated daily at publication time and are for reference, as local prices may vary.
Central banks hold the largest gold reserves. World Gold Council data says central banks added 1,136 tonnes of gold worth about $70 billion in 2022, the highest annual total on record.
Gold often moves opposite to the US Dollar and US Treasuries, and can also move against risk assets such as equities. Its price may change with geopolitical events, recession fears, interest rates, and shifts in the US Dollar, as gold is priced in dollars (XAU/USD).
The rise in gold prices today reflects a broader trend we are watching closely. With the US Dollar Index having recently slipped below the 102 level, gold priced in other currencies is becoming more attractive. This currency weakness, coupled with the upward price movement, suggests that now is an opportune time to consider bullish positions.
Strategy Considerations For Gold Options
We see the current environment as being shaped by central bank policy expectations. After the aggressive rate hikes we saw through 2025, recent data showing a slowdown in manufacturing has led the market to price in a greater than 60% chance of a US Federal Reserve rate cut by the third quarter. As a lower-interest-rate environment reduces the opportunity cost of holding non-yielding bullion, buying call options with expirations in late 2026 could be a strategic move.
Inflation remains a key factor supporting gold, even as it has cooled from its peaks. The latest Consumer Price Index reading came in at a stubborn 2.9%, still well above the central bank’s target. This persistent inflation continues to drive demand for gold as a reliable store of value, providing a solid price floor.
The strong demand from central banks, which we saw set records in the early 2020s, has not subsided. The World Gold Council’s final data for 2025 showed that central banks, particularly in emerging markets, added another 950 tonnes to their reserves. This consistent institutional buying provides strong support and should give us confidence in selling out-of-the-money put options to collect premium.
Given this backdrop, we should look at the current momentum as an entry point. Implied volatility in gold options has ticked up, reflecting the market’s anticipation of future price swings tied to economic data releases. We could use bull call spreads to capitalize on the expected upside while offsetting some of the cost from this higher volatility.
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Gold prices in Malaysia rose on Friday, based on data compiled by FXStreet. Gold was priced at MYR 651.09 per gram, up from MYR 644.44 on Thursday.
The price per tola increased to MYR 7,594.17 from MYR 7,516.67 a day earlier. Other listed prices were MYR 6,510.91 for 10 grams and MYR 20,251.36 per troy ounce.
How FXStreet Calculates Malaysia Gold Prices
FXStreet derives Malaysia gold prices by converting international prices using the USD/MYR exchange rate and local units. The figures are updated daily at publication time and are for reference, as local rates may differ slightly.
Gold is used as a store of value, a medium of exchange, and for jewellery, and is often described as a safe-haven asset. It is also used as a hedge against inflation and currency depreciation.
Central banks hold the largest gold reserves and may buy gold to diversify reserves. They added 1,136 tonnes worth around $70 billion in 2022, the highest annual total since records began.
Gold often moves inversely to the US Dollar and US Treasuries, and can also move against risk assets such as equities. Its price may react to geopolitical events, recession fears, interest rates, and the strength of the US Dollar.
Key Drivers Behind Recent Gold Strength
Gold’s recent price increase to over MYR 651 per gram is not just a local event, but reflects a broader international trend with the metal pushing past the $2,450 per ounce mark globally. This momentum suggests a fundamental shift is underway that we must pay attention to. The move is gaining strength and appears well-supported by underlying market conditions.
We are seeing this strength because persistent inflation, which recent data from late 2025 showed hovering around 3.1%, continues to worry investors. This environment fuels gold’s classic appeal as a hedge against the eroding value of currencies. Consequently, the market is pricing in expectations that the Federal Reserve will have to pivot its policy sooner than previously thought.
The U.S. Dollar Index (DXY) has softened considerably, dropping below 100 from its highs back in 2025. This weakening dollar is a primary catalyst, making gold cheaper for holders of other currencies and increasing its demand. We believe this inverse relationship will remain a key driver in the coming weeks.
We cannot ignore the relentless buying from central banks, which has continued the aggressive trend seen since 2022. Official reports confirmed that over 1,000 tonnes were added to reserves again in 2024, with data from 2025 indicating a similar voracious appetite from emerging economies. This steady demand creates a solid price floor for the market.
For traders, this points towards elevated volatility, making options strategies particularly attractive. Buying call options or establishing bull call spreads could be effective ways to capitalize on further upward movement. Protective put options should also be considered to guard against any sudden sentiment shifts or profit-taking.
Looking back, this situation feels similar to the period in 2022-2023 when geopolitical uncertainty and inflation fears first took hold. During that time, gold proved its worth as a premier safe-haven asset. We expect it to perform a similar role now, offering crucial diversification away from riskier assets like equities.
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Broadcom (NASDAQ: AVGO) is demonstrating its capacity for expansion in the AI infrastructure ecosystem. With impressive growth in AI revenue, the company is solidifying its position as a key player in supplying custom AI chips and networking silicon.
ICYMI, Broadcom is Trending Again.
From Recent Reports:
Fiscal Q1 2026 revenue: $19,311 million (+29% YoY), with adjusted EPS $2.05, both ahead of common market expectations in coverage.
AI revenue in Q1: $8.4B (+106% YoY), driven by demand for custom AI accelerators and AI networking.
Fiscal Q2 2026 Forecast: Revenue guide at $22B, with commentary pointing to AI chip revenue around $10.7B for the quarter.
Big headline claim: Broadcom says it has “line of sight” to AI chip sales exceeding $100B by 2027, tied to custom silicon demand.
Broadcom (NASDAQ: AVGO) designs critical “behind-the-scenes” infrastructure for modern computing, spanning semiconductors (including AI networking and custom accelerators) and enterprise software. With its recent revenue report, its market shares are gathering momentum, with confident management guidance into next quarter.
The market’s confidence was further boosted by Broadcom’s forward outlook: CEO Hock Tan said the company now has “line of sight” to AI chip sales exceeding US$100 billion by 2027, underscoring growing demand for bespoke AI chips and signalling long‑term growth potential beyond the current quarter. That projection, coupled with elevated guidance for fiscal Q2 revenue, helped investors re‑rate AVGO as more than a cyclical chip stock and as a strategic player in the broader AI ecosystem. Dive deeper into our ongoing exploration into how AI is reshaping the tech stocks.
The next phase for AVGO Traders
Realistically, even though the earnings beat and AI guidance in current statements are positive, the good results suggest that the market upside is already priced in. In such cases, AVGO stock is trading on expectations, with traders weighing its potential, partnerships, and competition – a recipe for short-term volatility.
Sole Reputation vs Industry Rotation
Broadcom’s AI numbers are strong, but the market’s behaviour around “AI stocks” has become portfolio-rotation driven.
We have observed broader trends in our Trader’s Guide to the Great Rotation in 2026, including capital flowing away from legacy software toward AI-native businesses. In the stiff competition of many AI firms driving innovation, money rotates between winners, takes profit fast, and punishes anything that looks like “priced for perfection.” Potentially happening here in big after-hours pops when AVGO rose 6% in extended trading hours on 5 March, followed by choppy follow-through, especially when traders anchor on near-term technical levels.
Volatility and Valuation Concerns
AVGO has shown significant volatility in recent months. For instance, in December 2025, the stock dropped more than 20% from around $413 to the low-$300s, pulling back amid concerns around forward margin and guidance. Even with strong fundamentals, AVGO is prone to large swings, especially when market expectations are high.
Additionally, AVGO’s valuation remains elevated, with a forward P/E ratio in the low-30s. While not necessarily overvalued, this means that the market is pricing in strong continued performance, particularly around AI and infrastructure. Traders should be aware that this combination of high expectations and past volatility could result in significant price fluctuations, even in a generally positive market environment. Very full scope of AVGO’s fundamentals in the VT Markets APP.
The Broader AI Landscape
As AI adoption accelerates, companies like Broadcom highlight that demand for specialised hardware, networking solutions, and AI chips is rising. Much like Snowflake and its impressive results within the growing AI adoption cycle, Broadcom’s integral place is in supporting big Cloud giants like Google, with its AI computing units increasing data centres’ memory banks.
The semiconductor market is entering an exciting yet challenging phase.
Supply constraints and advanced packaging bottlenecks are likely to reshape the semiconductor cycle, which could create significant opportunities for companies like Broadcom to carve out further space in custom silicon and networking.
Despite NVIDIA and AMD leading the market in terms of mindshare, Broadcom’s strategic focus on these unique segments could give it an edge, particularly in markets like hyperscaling, where hyperscalers are pushing further into in-house designs or diversifying their supplier base.
High Expectations and Volatility
While the long-term trend driven by AI innovation remains strong, the journey ahead will require navigating complexities.
Broadcom’s AI revenue has surged by an impressive 106% YoY, positioning it as a key player in the AI infrastructure market. As AI adoption accelerates across industries, Broadcom stands to benefit significantly, especially as AI infrastructure spending continues to climb.
However, this rapid growth is not without its risks. AVGO stock is highly volatile, driven by high investor expectations and market rotation. While the broader market is optimistic about Broadcom’s ability to capture significant AI chip market share (with expectations of $100 billion in AI chip sales by 2027), the stock’s movements reflect the delicate balance between growth optimism and the potential for short-term fluctuations as investor sentiment shifts.
Risks in Geopolitical Uncertainty
Geopolitical factors further complicate the semiconductor landscape. The U.S. push for increased domestic semiconductor production, alongside trade restrictions with China, could reshape supply chains and shift demand toward emerging sectors, much like what we’ve seen with companies like TSMC.
Circular Financing Concerns
In addition, the growing practice of circular financing in the semiconductor industry — where companies’ funding demand for their products creates a loop of capital flow between suppliers and customers (through purchases, equity swaps, or long-term contracts) — may raise questions about how sustainable the current demand truly is.
If the market begins to scrutinise these financial flows, it could lead to concerns about the “organic” nature of the demand in various pockets of the AI supply chain. This could lead to headline risk for companies heavily involved in such practices, especially if any distortions in demand are exposed.
A Promising Outlook for Broadcom
Despite these challenges, Broadcom’s strong positioning in AI infrastructure, its impressive growth trajectory, and the positive market outlook for AI adoption offer substantial promise.
As AI infrastructure spending continues to accelerate, Broadcom’s strong revenue growth and robust outlook, with $22 billion in expected revenue for Q2 2026, suggest that the company is well-poised for sustained success in the medium-to-long term.
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NZD/USD rose to about 0.5910 in Asian trading on Friday. Further gains may be capped by the continuing Middle East conflict and risk-averse market moves.
Iran has fired missiles and drones across the Gulf region, hitting oil facilities and US assets in several countries. The conflict has spread to the United Arab Emirates, Bahrain, Qatar, Lebanon and Kuwait, while the US has said it is pushing to destroy Iran.
Safe Haven Demand And Upcoming Data
Ongoing tension has supported demand for safe-haven assets, which can lift the US Dollar and weigh on NZD/USD. The February US employment report is due later on Friday and may affect rate expectations.
The Reserve Bank of New Zealand kept interest rates unchanged at its February meeting and pointed to an accommodative stance. Markets are pricing a low chance of rate rises until late 2026.
US payrolls are expected to increase by 59,000 in February. The Unemployment Rate is forecast to stay at 4.3%, and weaker results could reduce support for the US Dollar versus the New Zealand Dollar.
We remember this time last year, around March 2025, when escalating conflict in the Middle East drove a significant flight to safety into the US Dollar. The situation has stabilized since the Riyadh Accord was signed last November, reducing the geopolitical risk premium that was priced into the greenback. This calmer backdrop allows us to focus more on central bank policy.
Central Bank Policy And Trading Approach
At that time in 2025, we were looking at a very weak US jobs report, with February’s number coming in at just 35,000 against a 59,000 expectation. Today, the picture is reversed, with last month’s data for February 2026 showing a robust 210,000 jobs added and unemployment falling to 3.8%. This has put pressure on the Federal Reserve to consider a more hawkish stance in the coming months.
The Reserve Bank of New Zealand was signaling an accommodative stance back in early 2025, a view that held through their mid-year rate cut. However, with New Zealand’s latest quarterly inflation figures for Q4 2025 clocking in at a sticky 3.5%, the RBNZ’s dovishness is now being questioned. We anticipate a shift in tone at their next meeting, which could support the Kiwi dollar.
Given the shifting fundamentals, we see potential for NZD/USD to test higher levels, despite the Fed’s renewed strength. Traders should consider buying call options on the pair to capitalize on potential upside while defining their maximum risk. Implied volatility has been moderate, suggesting option premiums are not excessively expensive at these levels.
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EUR/USD traded near 1.1620 in Asian trading on Friday after modest losses in the prior session. The daily chart keeps a bearish tone as the pair stays inside a descending channel.
Near-term conditions remain mildly bearish. Price is below the nine-day EMA and under a flattening 50-day EMA.
The 14-day RSI is near 35 and remains below 50. This points to ongoing bearish pressure rather than an oversold washout.
Support levels include the seven-month low at 1.1468 and the channel floor near 1.1440. A break lower would keep focus on further downside.
Resistance sits at the nine-day EMA at 1.1686, then the 50-day EMA at 1.1753 and the channel ceiling near 1.1790. A move above the channel would shift bias higher, with 1.2082 as the next area, the highest since June 2021.
The technical analysis was produced with the help of an AI tool.
Looking back at the analysis from late 2025, we can see the bearish sentiment was justified at the time. The pair did indeed test the lower bounds of that descending channel, pressured by the Relative Strength Index staying below 50. Those technical signals correctly pointed to continued weakness throughout that period.
However, the fundamental picture has shifted dramatically since then, forcing a breakout from that channel in early 2026. Recent Eurozone flash CPI data for February 2026 showed inflation holding firm at 2.7%, prompting more hawkish commentary from the European Central Bank. This contrasts sharply with the latest U.S. Non-Farm Payrolls report, which showed job growth slowing to just 160,000, increasing bets on a Federal Reserve rate cut by the third quarter.
For the coming weeks, we see opportunity in buying call options to capitalize on further upside. With the pair now consolidating above 1.1850, a move toward the 1.2082 level mentioned in the old analysis seems increasingly likely. Traders could consider July 2026 calls with a strike price around 1.2000 to capture this expected momentum.
To manage risk against a sudden reversal, constructing a bull call spread would be a prudent strategy. This involves buying a call at a lower strike price and simultaneously selling one at a higher strike, capping potential profit but significantly reducing the initial cost. Alternatively, holding protective put options below the 1.1790 level, which was the old channel resistance, can hedge long spot positions.
The divergence in central bank policy is also pushing up implied volatility, which makes options pricing more dynamic. We should monitor this closely, as rising volatility increases option premiums but also presents greater profit potential on directional trades. This environment favors strategies that can benefit from both the expected upward price movement and the heightened market uncertainty.
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USD/CAD traded near 1.3660 in Asian hours on Friday, after modest gains in the prior session. The Canadian Dollar moved higher even as lower oil prices may limit further strength because Canada is the largest crude exporter to the US.
WTI fell after three days of gains and was near $77.60 at the time of writing. Prices eased after the Trump administration said it is weighing options to address a recent price rise linked to supply disruptions tied to the US-Israeli war with Iran.
Hormuz Passage Support Measures
Bloomberg reported that Interior Secretary Doug Burgum said several measures are under review. These include insurance guarantees and naval escorts to support tanker and vessel passage through the Strait of Hormuz.
The US Dollar strengthened against major peers as some Federal Reserve officials kept open the option of further rate rises if inflation stays above target. This came as other policymakers have argued for starting rate cuts.
Markets are awaiting Friday’s US Nonfarm Payrolls report, expected at about 59K for February after 130K in January. Retail Sales are expected to drop 0.3% month-on-month in January after no change in the prior month.
Looking back to this time last year, we saw USD/CAD trading around 1.3660 as the market weighed Canadian dollar strength against falling oil prices. The primary concern was the US-Israeli conflict with Iran and its potential impact on oil tanker passage through the Strait of Hormuz. This uncertainty created significant tension for commodity-linked currencies.
One Year Later Market Repricing
The US naval escort and insurance guarantee plan, which was being discussed in March 2025, was largely successful in stabilizing crude supply fears. As a result, the geopolitical risk premium has evaporated from oil prices, with WTI now trading much lower, averaging around $71.50 a barrel through February 2026. This has removed a key pillar of support for the Canadian dollar that existed during the conflict’s peak.
At this time last year, the Federal Reserve was still contemplating further rate hikes, but that stance has softened considerably. US Core PCE inflation has since cooled, falling to 2.4% year-over-year in the latest January 2026 reading. This has shifted market expectations firmly toward the Fed beginning rate cuts by this summer.
This creates a clear policy divergence, as the Bank of Canada may have less room to cut rates aggressively given the pressure on its economy from weaker commodity prices. Therefore, we see the path of least resistance for USD/CAD as upward in the coming weeks. Traders should consider using call options on USD/CAD to position for a potential move toward the 1.3900 level.
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Silver traded near $82.20 in early Asian dealings on Friday. Support came from the ongoing US-Israeli campaign against Iran, which raised demand for safe-haven assets.
Iran launched missile and drone strikes across the Gulf on Thursday, with attacks reported in the United Arab Emirates, Bahrain, Qatar, and Kuwait. US President Donald Trump said Iranian officials had contacted him about ending the war, while he said it was too late and that the US was seeking to destroy Iran.
Iranian Foreign Minister Abbas Araghchi said Iran had not requested a ceasefire and did not plan to negotiate. The conflict has kept focus on assets such as Silver.
Markets are also watching the US February employment report due later on Friday. Nonfarm Payrolls are forecast to rise by 59,000, while the Unemployment Rate is expected to stay at 4.3%.
Stronger US labour figures could support the US Dollar and weigh on dollar-priced Silver. Silver prices can also be influenced by interest rates, the US Dollar, supply from mining and recycling, and demand from industry such as electronics and solar energy.
Looking back a year to early March 2025, we see silver prices were elevated around $82, largely driven by the US-Iran war premium. Today, with the conflict having de-escalated following the November ceasefire agreement, that safe-haven bid has significantly unwound. The current price of around $46.50 reflects this more stable geopolitical environment.
Our focus now is less on conflict and more on the US Federal Reserve’s path, which is guided by economic data. While we were anticipating a weak 59,000 job gain in February 2025, the latest report for February 2026 showed a much healthier addition of 155,000 jobs, keeping unemployment low at 4.1%. This labor market strength supports a firm US Dollar, which continues to act as a headwind for silver prices.
Despite the pressure from a strong dollar, we must consider the industrial demand component. Reports from the International Energy Agency showed global solar panel installations grew by 15% in the last quarter of 2025, a trend expected to continue through 2026. This robust industrial consumption provides a solid floor of support for the price, preventing a more severe downturn.
We are also closely watching the gold-to-silver ratio, which has widened significantly over the past year. Historically, a ratio above 85 has often signaled that silver is undervalued relative to gold, and today it sits near 90. For derivative traders, this suggests potential opportunities in relative value strategies, such as going long silver against a short position in gold.
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