Silver Price Hits $65.90 as Fed Hike Odds Rise Amid Geopolitical Tensions

The silver price on September 7, 2026 was $65.90 per troy ounce, down 0.47 percent from Friday's close of $66.21. This comes after a strong jobs report released on September 5 showed 162,000 new jobs added in August, nearly triple the expected 57,000.

The jobs data strengthened the dollar and lifted Federal Reserve rate-hike odds to approximately 60 percent for September 15-16, weighing on XAG/USD. This is a direct transmission risk for silver: a higher federal funds rate raises the opportunity cost of holding a non-yielding metal, and a firmer dollar makes dollar-denominated silver more expensive for overseas buyers.

However, geopolitical conflict in the Strait of Hormuz raised a safe-haven premium that limited silver's decline. The weekend ship strikes between US and Iranian naval assets added to this premium, keeping XAG/USD above $65.