Gold Observatory Report: Sharp Fluctuations in Silver Prices During Q1 2026 and a Strong Decline in March

Silver prices in local and international markets experienced sharp fluctuations during the first quarter of 2026, recording strong increases at the beginning of the year before undergoing a wave of sharp declines during March. This period was one of the most volatile in the global silver market, influenced by geopolitical tensions, shifts in monetary policy, and rising global energy prices, according to the "Gold Observatory" economic studies report.

The report clarified that silver prices in local markets rose by approximately 10.4% during the first quarter of 2026, supported by increased investment and industrial demand for the metal amidst a shortage of global supply. The price of 999 purity silver gram increased by about 13 Egyptian Pounds during the first quarter, opening at 125 Pounds, then touching 210 Pounds as its highest level during the quarter, before closing at 138 Pounds.

Globally, silver prices also rose during the first quarter, with the ounce climbing by approximately 4.4%, or about 3.2 dollars, after opening at 72 dollars per ounce. It then recorded an all-time high of 121 dollars at the end of January, before concluding the first quarter's trading at around 75.2 dollars per ounce, following a strong correction wave at the end of the quarter.

The report indicated that the global silver market witnessed a wave of violent fluctuations during the first quarter of the year. Prices began with a strong ascent in January, supported by investment and industrial demand, then underwent a correction phase during February, before declining significantly in March. This coincided with changing global monetary policy expectations, a stronger dollar, rising bond yields, as well as the repercussions of geopolitical tensions and increasing oil prices.

Silver Prices During March

The report noted that March saw sharp declines in silver prices, with local market prices falling by 19.7%, or about 34 Pounds per gram. The 999 purity silver gram opened trading at 172 Pounds before closing the month at 138 Pounds.

In the global exchange, silver prices also sharply declined during March, with the ounce falling by approximately 20%, or 18.8 dollars. It opened trading at 94 dollars per ounce before closing the month at around 75.2 dollars, affected by the strength of the dollar and rising global bond yields, in addition to a wave of liquidation in commodity and metal markets during a period of global market turmoil.

The report explained that silver movements during the first quarter of 2026 were characterized by unconventional fluctuations, with prices moving between record highs at the beginning of the year and sharp declines at its end. This was due to the interplay of several economic and geopolitical factors, most notably changing global interest rate expectations, rising energy prices, geopolitical tensions, and increasing industrial demand for silver in technology and solar energy sectors.

The report affirmed that the trend of silver prices during the next quarter will remain primarily linked to the trajectory of global monetary policy, dollar movements, industrial demand levels, as well as developments in geopolitical situations and energy prices. These factors will determine the market's path in the coming period.