New York, January 29, 2026, 17:07 EST — After-hours
• Silver pulled back late Thursday following a volatile intraday jump
• The dollar’s direction and shifting rate expectations continue to drive the market
• U.S. inflation data set for Friday stands as the immediate test ahead
Spot silver — the price for immediate delivery — slipped 0.5% to $115.93 an ounce in late U.S. trading, after fluctuating between $106.80 and $121.76 earlier, according to Kitco data. The iShares Silver Trust (SLV), an exchange-traded fund backed by silver that trades like a stock, held steady at $105.57 following a volatile session. 1
This matters because silver’s surge has been driven by the same forces lifting other metals: strong demand for real assets, a softer U.S. dollar, and heavy speculative buying. Reuters columnist Clyde Russell noted silver has jumped since late October, as traders eye China’s new export-licensing rules and concerns that rising domestic demand might limit shipments. 2
The Federal Reserve stuck to its guns on Wednesday, keeping rates unchanged in the 3.50%-3.75% band. Chair Jerome Powell described the economy as “solid” but signaled that upcoming data will guide the next steps. The move leaves traders focused on the trajectory of U.S. yields and the dollar — crucial factors for metals that don’t offer interest. 3
The dollar slipped against the euro and yen on Thursday amid investor caution over U.S. policy signals, Reuters reported. This kind of currency action often boosts dollar-priced commodities by making them more affordable for buyers outside the U.S. Shaun Osborne, chief currency strategist at Scotiabank, told Reuters, “Concerns that investors have about trade and geopolitical policies … have been potentially negative for the dollar.” 4
Silver has been riding gold’s coattails, rising more than 57% year-to-date after a 146% jump in 2025, Reuters reported earlier this week. Some investors are turning to silver as a cheaper play amid gold’s record rally. “There’s going to be a lot of volatility ahead, with risks of sharp pullbacks (in silver),” warned Michael Widmer, a commodities strategist at Bank of America. 5
Thursday’s U.S. data failed to clarify the rate outlook. Weekly jobless claims fell slightly to 209,000, signaling continued low layoffs despite a slowdown in hiring, according to a Reuters report — a combination that leaves bond traders uneasy and metals markets unsettled. 6
The Fed’s statement introduced a note of caution, highlighting “somewhat elevated” inflation despite noting solid growth and modest job gains. For silver, this is a double-edged sword: it sustains hopes for rate cuts but also allows for an extended pause if inflation remains stubborn. 7
The price shock is spreading through markets linked to global benchmarks. In India, silver futures surged to a record 407,456 rupees per kilogram on Thursday, boosted by rising international prices and a softer rupee, Reuters reported. 8
The setup remains fragile. A stronger dollar, higher real yields, or any hint that supply concerns are exaggerated could abruptly flip a momentum trade into a sharp drop — Thursday’s wide range showed just how fast positions can unravel.
Coming next is U.S. producer inflation data: the Bureau of Labor Statistics will drop the December 2025 Producer Price Index at 8:30 a.m. Friday. Eyes will also be on the January employment report due February 6, a crucial signal for the Fed’s direction and, in turn, silver’s next move. 9
