Silver climbed more than 6% to above $76 per ounce on Tuesday, rebounding sharply after an 8% selloff in the prior session that marked its steepest daily decline in over five years as profit-taking briefly overwhelmed the market. Geopolitical risks remained in focus, with tensions in the Russia–Ukraine conflict lingering following reports of a suspected Ukrainian drone incident near President Putin’s residence, even as negotiations continued with key issues unresolved. Separately, the US signaled the possibility of further action against Iran should its nuclear and missile programs advance. Despite the recent volatility, silver is still on track for a gain of roughly 200% this year, one of its strongest annual performances since 1979, underpinned by robust industrial demand, persistent supply constraints, sustained ETF inflows, central bank buying, and three US rate cuts, with markets increasingly pricing additional policy easing in 2026.