Silver rose on Friday, trading near $80.85 and up 3.15% on the day. The move followed renewed weakness in the US Dollar and caution before the US Nonfarm Payrolls (NFP) report.
The US Dollar eased despite fresh attacks involving the US and Iran near the Strait of Hormuz. Iran accused the US of targeting oil vessels and civilian areas, while the US reported missile and drone attacks against its naval forces.
Dollar Weakness Supports Silver
US President Donald Trump said on Thursday that the ceasefire agreement remains intact. A weaker dollar tends to support demand for dollar-priced metals such as Silver.
Markets are focused on the US April NFP release due later on Friday. Forecasts point to 62K jobs added in April, down from 178K in March, with the Unemployment Rate seen at 4.3%.
Average Hourly Earnings are expected to rise 3.8% year-on-year, versus 3.5% ранее. Traders also track interest rates, the US Dollar, supply, recycling, and industrial use such as electronics and solar energy when pricing Silver.
With silver pushing past $80 an ounce, the immediate focus is today’s Nonfarm Payrolls report. We are positioned for a weak number, which could further fuel the US Dollar’s decline and send silver even higher. A call option strategy could capture this potential upside from today’s volatility while defining risk.
Strategy Considerations For Options
A disappointing jobs figure below the expected 62K would reinforce the view that the Fed’s next move is a rate cut. We saw how the market reacted to signs of economic slowing throughout 2025, consistently bidding up non-yielding assets like silver. This underlying trend makes holding long positions through derivatives, such as futures or longer-dated options, an attractive strategy for the weeks ahead.
We must not forget the strong fundamental demand that has supported this rally for years. The Silver Institute reported record industrial consumption from the solar and electronics sectors back in 2024, a trend that has only accelerated into 2026. This provides a solid floor under the price, suggesting that any dips caused by profit-taking are likely to be viewed as buying opportunities.
The ongoing tensions near the Strait of Hormuz are also adding a significant risk premium to the price. This geopolitical uncertainty will likely keep implied volatility elevated, making option premiums expensive. Traders could therefore consider using spreads, like bull call spreads, to offset some of this cost while maintaining a bullish outlook.
While momentum is strong, we are also monitoring the gold/silver ratio for signs of froth. With gold trading near $4,000, the ratio is now approaching 49, a level that has historically indicated silver may be getting expensive relative to gold. This suggests that while the trend is our friend, we should remain disciplined and watch for signs that the rally is becoming overextended.
