Silver Prices Consolidate Around $65 Amid Tight Supply and Rate Expectations
Silver prices have settled into a consolidation phase around $65 per ounce after a volatile stretch that saw the metal swing more than $6 in a matter of weeks.
The latest leg of support for silver comes from softer US inflation data, which has reinforced market expectations that the Federal Reserve will hold rates steady next month, a scenario that historically favors silver.
Momentum had been building before the recent price action. On August 7, silver touched a six-week high near $64.10 ahead of US jobs data, supported by fading bets on further Fed tightening and geopolitical tensions in the Middle East.
The supply side has also become increasingly tight, with the Silver Institute forecasting a global silver deficit of 46.3 million ounces for 2026, marking the sixth consecutive year of shortfall.