Market Update on Silver Prices
NEW YORK, January 18, 2026, 12:17 pm ET — Market Closed
- Spot silver finished at $89.65 an ounce on Friday, down 2.9% for the day but still showing a more than 12% increase for the week.
- The iShares Silver Trust (SLV) wrapped up the day at $81.02. Pan American Silver saw a decrease of 1.2%, in contrast to First Majestic, which climbed by 5.8%.
- Attention is now on the upcoming Fed meeting scheduled for January 27-28, as yields and the dollar stabilize with the US holiday approaching.
Silver prices struggled to start the week after Friday’s significant drop, as investors decided to take profits following a remarkable rally.
With US markets closed on Sunday and Monday for the holidays, trading may be less liquid and potentially more unpredictable.
This development is quite important since silver tends to react sharply to macroeconomic changes—rising when interest rate cuts are anticipated and falling as the dollar and bond yields increase. Additionally, its demand in industrial applications often amplifies these shifts.
The final trading price for ready-to-deliver physical silver on Friday was $89.65 per ounce. Prices fell by 2.9% after reaching a record high of $93.57 in the previous session but still maintained a weekly gain of over 12%. Marex analyst Edward Meir noted that this decline reflected a broader trend in commodity prices following a recent surge, as some investors chose to secure profits. He also pointed out that easing tensions in the Middle East have reduced silver’s “geopolitical premium.” Conversely, JPMorgan has highlighted concerns around ETF outflows and slackening industrial demand, indicating that silver could face a notable correction. Data from LSEG suggests the market is anticipating the Fed’s initial rate cut by June.
Recently, precious metals have encountered challenges. On Friday, the dollar index closed at approximately 99.38, near a six-week peak, while the 10-year Treasury yield reached around 4.23% amid traders pulling back from short-term rate cut expectations.
Treasury yields reflect the interest accrued on U.S. government bonds, and as these rates climb, non-yielding assets like silver generally lose some attractiveness.
Assets related to silver mirrored the fluctuations in market conditions. The iShares Silver Trust (SLV), a U.S. ETF that holds physical silver, closed at $81.02 on Friday, with a net asset value of $82.30 and roughly 516.8 million ounces as of January 16th.
U.S. silver mining stocks ended the week unevenly. Pan American Silver dropped 1.2% to settle at $55.20, whereas First Majestic increased by 5.8% to close at $21.50.
Despite its erratic nature, silver has experienced unusually large price movements. Further strengthening of the dollar or rising real yields could lead to a sudden downturn.
This week begins in an odd manner, given that U.S. markets will be closed on Monday, January 19th, for Martin Luther King Jr. Day. This closure often results in lower opening volumes and wider price gaps.
Traders are now shifting their focus to the Federal Reserve’s policy meeting on January 27-28, with an interest rate decision and press conference set for January 28th.
