Silver Peaks at $80.85 on May 8 Despite Strong NFP, Fueled by Weak Dollar and Tensions

Silver prices peaked at $80.85 per troy ounce on May 8, 2026, surging 3.15% despite a stronger-than-expected US NFP report of +115K jobs versus +62K forecast, driven by a weakening dollar (DXY near 97.7), renewed US-Iran tensions near the Strait of Hormuz, and safe-haven demand. The metal plunged 2.41% to $73.50 on May 4 amid strong USD, higher yields, and initial geo risks, before rebounding above $75 on May 5 as tensions eased. It rocketed 5.42% to $76.78 on May 6 on US-Iran truce optimism with oil below $110/bbl, then broke $80 to $80.60 three-week highs on May 7 amid risk appetite and lower yields, narrowing the gold/silver ratio to 58.74.