Spot Silver extended gains on Thursday, tracking Gold, as the widening conflict in the Middle East bolstered demand for safe-haven assets.
Yet, a firmer US Dollar was capping the white metal’s upside.
Israel has launched a cannonade of strikes on Tehran on Thursday, targeting infrastructure that belongs to the Iranian authorities, media reports stated.
At the same time, a US submarine sank an Iranian warship off the coast of Sri Lanka, with the strike described as the “first such attack on an enemy since World War II,” according to Defense Secretary Pete Hegseth.
Meanwhile, the US Dollar Index held not far from a three-month high, as inflation fears have again taken hold, along with the possibility of fewer rate cuts by the Federal Reserve this year, with oil prices rising.
A firmer dollar makes dollar-priced Silver less appealing to international investors holding other currencies.
On the macro data front, private businesses in the US have added 63,000 jobs in February, or the most since July 2025, after a revised down 11,000 job growth in January. The latest ADP figure exceeded forecasts of 50,000.
Investors now turn their attention to the weekly jobless claims and the key Non-Farm Payrolls reports.
Spot Silver was last up 0.78% on the day to trade at $84.19 per troy ounce.
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