The iShares Silver Trust (SLV) faced significant pressure on March 23, 2026, as silver prices extended a multi-week selloff. Spot silver fell more than 3% to trade below $66 per ounce. International futures markets recorded sharper declines of up to 6%.
Escalating geopolitical tensions in the Middle East primarily drove the plunge. These conflicts fueled global inflation concerns and expectations for further interest rate hikes. This environment prompted a broader investor shift away from precious metals.
The market decline follows weeks of significant capital outflows from silver-backed ETFs. SLV specifically experienced consistent withdrawals in the period leading up to the price drop.