High spin states in $^{103}$Ag were investigated with the Gammasphere array, using the $^{72}$Ge($^{35}$Cl,$2p2n$)$^{103}$Ag reaction at an incident beam energy of 135 MeV. A $Delta J$=1 sequence with predominantly magnetic transitions and two nearly
-degenerate $Delta J=1$ doublet bands have been observed. The dipole band shows a decreasing trend in the $B(M1)$ strength as function of spin, a well established feature of magnetic bands. The nearly-degenerate band structures satisfy the three experimental signatures of chirality in the nuclei; however microscopic calculations are indicative of a magnetic phenomenon
