Silver Pinned Below $65 Amid Hawkish Fed Comments

The silver price has been pinned below $65 due to hawkish comments from Federal Reserve officials. On September 24, 2026, XAG/USD traded at $64.23 per troy ounce, a decline of $0.21 or 0.33 percent from Tuesday's close of $64.44.

Following the Federal Reserve's September 15-16 meeting, which delivered a 25-basis-point hike, Fed Chair Kevin Warsh and St. Louis Fed President Alberto Musalem signaled that another rate hike in November is possible. This has kept the metal under pressure, suppressing demand and applying downward pressure on spot prices.

The dollar index reached a three-week high on September 24, further weighing on silver prices. India's silver market reflected the same pressure, with the IBJA benchmark falling to ₹233.05 per gram as the rupee softened alongside broader emerging-market currencies.