NEW YORK, Jan 9, 2026, 13:46 EST — Regular session
- iShares Silver Trust (SLV) rose about 3.4% in afternoon trade, tracking a jump in spot silver
- A softer U.S. payrolls print stirred bets on Fed easing, pressuring the dollar and lifting metals
- Next test is U.S. CPI on Jan. 13, with tariffs and the Fed also on the radar
iShares Silver Trust (SLV) jumped about 3.4% on Friday, mirroring a sharp rebound in silver after a softer-than-expected U.S. jobs report fed expectations of lower interest rates later this year. SLV was last at $72.11 and traded between $70.03 and $72.96.
The move matters because SLV is one of the quickest “stock-like” ways for U.S. investors to take a view on the silver price without trading futures. When rate bets shift fast, the ETF tends to move with them.
The trust is backed by physical silver and aims to track the LBMA Silver Price, its sponsor says. It held about 521.3 million ounces of silver as of Jan. 8, with net assets of about $39.2 billion. (BlackRock)
U.S. employers added 50,000 jobs in December, missing a Reuters poll forecast of 60,000, while the jobless rate dipped to 4.4%. After the release, the dollar index trimmed gains and was last up 0.1%, while the 10-year Treasury yield was little changed around 4.18%, Reuters data showed. (Reuters)
In bullion, spot silver gained 3.9% to $79.88 an ounce, putting the metal on course for about a 10% weekly rise, Reuters reported earlier. “Payrolls are showing us a poor job creation environment,” TD Securities’ Bart Melek said, pointing to an easing Fed and broader uncertainty as supportive for precious metals. (Reuters)
Friday’s pop followed a rough patch driven by flows rather than fundamentals. The annual Bloomberg Commodity Index rebalancing started this week and has created “pressure for the next few sessions on gold and silver” while the index readjusts, RJO Futures strategist Bob Haberkorn said on Thursday, when spot silver fell 3.2% to $75.64. (Reuters)
Silver miners moved with the metal. Pan American Silver rose about 1.8% and First Majestic Silver added roughly 4.3% in U.S. trade, though miners can diverge from bullion when costs, hedging and operational news take over.
But silver’s rally can fade quickly if the dollar firms again or if inflation data pushes yields higher. Traders also remain wary of mechanically driven selling tied to index reweights and the risk of sharp profit-taking near the $80 level.
Next up is U.S. consumer price data for December 2025 due on Tuesday, Jan. 13, at 08:30 a.m. Eastern Time. Investors are also watching a U.S. Supreme Court ruling schedule that could include a decision in a major tariffs case on Jan. 14, and the Fed’s Jan. 27-28 meeting. (Bureau of Labor Statistics)
