Silver Price Forecast Shifts Downward Amid Interest Rate Concerns

JPMorgan has revised its silver price forecast for 2027, projecting an average price of $63.90 per ounce, down from a previous estimate of $85.80.

This represents a significant shift in expectations following silver's 130% surge over the past two years and its recent pullback to around $65.87 per ounce.

The bank's commodities team reduced its average silver forecast for 2026 to $70.60 an ounce from $84.30, a 16% reduction from its previous estimate.

JPMorgan attributes the revision in part to industrial demand trends and interest rates, which can impact investment demand for precious metals like silver.