Silver Prices Stuck Near Six-Year Low Amid Dollar Strength

Silver prices are hovering near $57 an ounce, their weakest level since December 2025. The metal has been stuck in a narrow band due to a strengthening dollar and rising rate expectations, despite a global silver deficit of 46.3 million ounces this year.

This is the sixth consecutive year of supply shortfall, but the market is not behaving as expected. Short-term price action remains hostage to macro forces, with the dollar trading near a four-week high and the Fed's next move dominating sentiment.

The World Silver Survey 2026 shows that global mine production is expected to remain largely flat in 2026, offsetting output from new projects. Recycling is helping to close some of the gap, but it is not enough to erase the structural deficit.