The price of silver is falling again: Why safe-haven assets are down as the Middle East crisis escalates

In a year of tremendous uncertainty, one of the few constants has been the swift uptick in gold and silver prices. 

Both metals have reached record high after record high as investors turn to safe-haven assets. Yet, as war escalates across the Middle East, the prices of silver and gold are currently falling.

Most notably, silver fell over 11% on Tuesday and is down over 7% to about $82.50 per ounce at the time of publication.

That’s more than a 5% drop over the last five days and close to 3% down for the past month. Silver’s all-time high price came on January 29, with a whopping $129.64 per ounce. 

Even with the significant drop from that peak, silver is still over 161% up year-over-year (YOY) and more than 16% up for 2026. 

Meanwhile, gold is down over 3% on Tuesday to about $5,145 per ounce at the time of publication. Its record-high of $5,594.82 coincided with silver’s best price. 

Why are silver and gold prices dropping? 

Both metals, especially gold, rose on Monday following the weekend’s attacks in the Middle East. But factors such as a stronger U.S. dollar and the potential for rising interest rates have dampened the appeal of non-yielding assets, like silver.

Profit-taking is also likely at play for silver—the metal’s worth has been volatile since its peak in January.