Silver price volatility influenced by its dual role as an industrial metal (demand for electronics, solar energy) and a safe-haven asset, with geopolitical stability shifts potentially impacting both aspects.

Rising inflation expectations, partly driven by increased energy costs (gas prices), could lead to higher operating expenses for mining companies like First Majestic Silver, while hawkish central bank policies aimed at curbing inflation may reduce the appeal of non-yielding precious metals.

Global economic growth and industrial activity significantly affect silver demand. A mixed labor market picture and potential economic uncertainties, despite easing geopolitical tensions in some areas, could influence manufacturing demand for silver.