Silver Price Forecast Trimmed Amid Near-Term Macro Headwinds

Commerzbank has revised its silver price forecast downward due to near-term macroeconomic pressures, but maintains a long-term bullish outlook. The bank cited a stronger-than-expected US dollar and rising real interest rates as factors contributing to the adjustment.

The physical market remains in deficit for the fifth consecutive year, driven by declining mine output and surging industrial consumption. Demand from solar energy and electronics manufacturing continues to rise, providing a solid floor under prices.

Despite the forecast revision, Commerzbank emphasizes that supply constraints and robust industrial demand will continue to support silver prices over the medium to long term.