While the dollar has fallen to its lowest levels of the last two weeks due to the developments between the USA and Iran, silver prices continue to remain horizontal. While ounce silver falls below $75.60, gram silver is traded for approximately 110 lira.
On the other hand, UBS, HSBC and Macquarie warned investors against the risk of high volatility and overvaluation in the silver market. Although silver, which gained approximately 140 percent in value in 2025, increased investor interest, banks emphasize that caution should be exercised regarding the sustainability of current price levels.
While UBS states that high prices may weaken industrial demand by increasing cost pressure, especially in the technology and solar energy sectors, HSBC states that the upward potential of silver remains limited. According to the bank, even if gold prices continue to rise, silver may not show the same performance.
Macquarie analysts, on the other hand, evaluate that the US Federal Reserve (Fed) may turn to tighter monetary policies, which could put pressure on precious metals.
Silver, which reached its historical peak above $120 per ounce in the first weeks of the year, lost approximately 30 percent of its value with the harsh sales in late January.
