Silver surged to near $77.95 an ounce in late Monday trading, rising 3.38% as traders pushed into precious metals on a day when U.S. cash equity and bond markets were closed for Memorial Day.
Gold also firmed, with spot prices near $4,569.30 an ounce, up 1.35% on the session. The move came as the U.S. dollar index softened and as oil slipped to two-week lows, giving metals an extra lift in a market that had little fresh U.S. data to trade against.
Oil's decline was the bigger macro signal. Brent crude dropped below $100 a barrel, while U.S. crude fell toward the low-$90s, with Nymex WTI trading around $91.00 and Brent near $97.40. The selloff followed optimism that the U.S. and Iran were moving toward a peace agreement that could reopen the Strait of Hormuz, a route that sits at the center of global energy flows and, by extension, inflation expectations and precious-metals pricing.
That linkage matters because lower crude prices can ease pressure on inflation and lower the odds that interest rates stay elevated for longer. For silver and gold, that can be a supportive mix even when the same geopolitical easing trims some of the classic safe-haven bid. The result on Monday was a broad move into metals, helped by a softer dollar and by the absence of U.S. cash trading.
There was also a clear cross-asset tone behind the move. Japan's Nikkei 225 rose nearly 3%, Europe's Stoxx 600 gained about 1%, and U.S. futures also moved higher, suggesting investors were comfortable adding risk even as oil fell. In precious metals, that combination can be unusually powerful: lower energy costs, weaker currency pressure and lower Treasury-yield expectations all feed the same trade.
The next test comes Tuesday, when the U.S. calendar turns active again. The March S&P-Case-Shiller home price index is due at 9 a.m. ET, followed by May consumer confidence at 10 a.m. ET. Those readings will help set the tone for whether Monday's move in silver was just a holiday-session squeeze or the start of a broader advance.
For now, traders are watching whether silver can keep pressing higher toward the $78.95 to $89.00 zone, which bulls see as the next upside objective. A break above that band would point to $90.00 and then $100.00. On the downside, a move below $76.40 would weaken the short-term picture and expose deeper targets at $72.00 and $70.00.
