New York, May 26, 2026, 15:03 ET
- Silver slipped toward $76 an ounce Tuesday, giving up some of Monday’s late gains. Rate worries and headlines from the Middle East weighed on precious metals.
- Traders see India’s fresh import curbs as a real demand threat, with the country soaking up a big chunk of world silver purchases last year.
- Silver is still up a lot from this time last year, with traders divided on whether the market faces a long-term shortage or just a short-term correction.
Silver moved lower toward $76 an ounce on Tuesday, losing some ground after Monday’s late rally. Traders looked at U.S.-Iran tensions, rising oil prices, inflation worries, and chances of tighter Fed policy. Spot silver dropped 2.3% to $76.27 an ounce by 11:05 a.m. EDT, according to Reuters. Fortune’s morning tracker had silver at $76.30 at 9:10 a.m. ET, down $1.15 from a day ago.
Silver has stopped acting like the usual safe haven. Prices are still up roughly 129% over the last year, according to Trading Economics, even as the metal dropped more than 2% on the day and sits far from the January peak at $121.64.
Rates are the concern. Jim Wyckoff, market analyst at American Gold Exchange, told Reuters bond markets saw the Fed’s next step as a hike, calling that “a negative for the gold market.” Silver faces similar pressure. It doesn’t pay a yield and trades in dollars. Reuters
Silver was the standout Monday. Spot silver jumped 3.38% to close around $77.95, beating gold in late trading, according to Kitco. A weaker dollar, bets on lower Treasury yields, and slumping crude prices helped lift precious metals. The move came as U.S. equity and bond markets stayed dark for Memorial Day.
Silver slipped below $77 by Tuesday, according to Trading Economics, as Middle East worries fed inflation fears in the market. The Iran trade was jumpy, with potential talks between Washington and Tehran helping to keep prices from trending one way.
India’s move to hike import duties is an extra hurdle for bulls. Heraeus analysts told Kitco that India raised gold and silver import duties to 15% from 6% starting May 13 and shifted silver bars of 999 fineness along with other semi-manufactured forms into a restricted import list. According to the analysts, those types make up about 90% of India’s silver imports.
Silver trades differently from gold. Investors keep an eye on the spot price—how much the metal costs for immediate delivery—but silver has a big industrial side too. Electronics and medical gear use it. Because of that, Fortune says silver swings more than gold. At 9:10 a.m. ET, Fortune showed gold at $4,522.99 an ounce, platinum at $1,950.19 and palladium at $1,395.17.
Forecasts for silver prices over the long term are still all over the place. Yahoo Finance ran an updated piece by Kat Tretina on Tuesday, laying out how experts see the next ten years for silver, but the article says there’s no agreement, with predictions scattered and no single direction.
Bulls may face trouble if Indian demand keeps fading. Heraeus flagged that weaker demand from India could weigh on prices worldwide. India took in 210 million ounces in 2025, or 18% of global silver demand. If Indian buying drops off quicker than investment appetite can pick up the slack, silver could have a hard time sticking above $76.
Supply worries remain in the silver market. The Silver Institute said this year it sees another deficit in 2026, marking a sixth straight year of shortages. The group projects a 67 million-ounce shortfall and says above-ground stocks will still be needed.
Sunshine Silver Mining & Refining is looking to test investor appetite, Reuters reported Tuesday. The company is targeting a valuation up to $2.32 billion in a U.S. IPO and plans to raise as much as $330 million. Sunshine wants to use the proceeds to restart its Idaho mine, which once produced silver, antimony, and other minerals.
Traders are looking at a tight range ahead. Kitco lists support for silver at $76.40, then $72.00. Resistance comes in at $78.95 and $89.00. FXEmpire said silver must get above $78-$79 to see upside momentum again.
U.S. inflation data is the next key macro number. Markets are watching Thursday’s Personal Consumption Expenditures index, which the Fed tracks closely, for signs about energy prices and any fallout from the Iran conflict, according to Reuters. That could move rate bets. For now, silver is trading off oil, the dollar and flows from India as much as anything tied to its fundamentals.
