Silver futures climbed above $62 an ounce in early trading Wednesday, crossing that threshold for the first time since July 6, as investors weighed developments around the Strait of Hormuz. September silver futures opened at $59.78 per ounce Wednesday, down 0.8% from Tuesday's close, before rising to $62.27 by mid-morning.
President Trump said a deal to reopen the Strait of Hormuz could come as soon as this week, with reports pointing to direct negotiations between Iran and Oman and potential European involvement in clearing mines from the waterway. Silver has traded in a narrow range for much of the week as investors watch for further developments in the talks.
Silver prices are up 3.3% over the past week and 59% higher than a year ago, though the metal has slipped 0.5% over the past month. Silver's year-over-year gain peaked at 173.3% on May 14. Beyond the geopolitical backdrop, silver's rally in 2026 has been driven by tightening inventories and robust industrial demand tied to solar panel manufacturing, electric vehicles and data center buildouts, alongside retail investment demand.
Investors are also watching Friday's July jobs report, which will factor into expectations for future Federal Reserve interest rate decisions, a key driver of precious metals pricing.
Source: Yahoo Finance -- https://finance.yahoo.com/personal-finance/investing/article/silver-prices-today-wednesday-august-5-2026-prices-rising-in-early-trading-on-hormuz-optimism-122145083.html