NEW YORK, Jan 18, 2026, 12:17 EST — Market closed
- Spot silver closed Friday at $89.65 per ounce, slipping 2.9% for the day but holding onto a weekly rise above 12%
- iShares Silver Trust (SLV) ended the day at $81.02; Pan American Silver dropped 1.2%, while First Majestic jumped 5.8%
- Attention shifts to the Fed’s Jan. 27-28 meeting, with yields and the dollar holding steady ahead of a U.S. holiday
Silver prices started the week weaker following a steep drop on Friday, as investors took profits after a historic rally.
U.S. markets are closed Sunday and Monday for a holiday, setting up the next session for potentially thinner liquidity and bigger price swings.
The move is crucial now as silver behaves like a rapid macro play — it rallies on rising hopes for rate cuts and falls when the dollar and bond yields gain ground. Plus, its industrial demand angle often magnifies these shifts.
Spot silver, for immediate delivery, last traded at $89.65 an ounce on Friday. That’s down 2.9% for the day but still more than 12% higher over the week, after hitting a record $93.57 in the previous session. Marex analyst Edward Meir said the pullback reflects a broader commodity selloff after recent sharp gains, with some investors taking profits. He noted easing tensions in the Middle East have trimmed silver’s “geopolitical premium”—the added bid during crises. Meanwhile, J.P. Morgan flagged risks from ETF outflows and weaker industrial demand, warning silver could face a “sharp correction.” LSEG data also points to the market pricing in the first Fed rate cut by June. (Reuters)
Precious metals have faced headwinds recently. The dollar index closed Friday around 99.38, nearing a six-week peak, while the 10-year U.S. Treasury yield climbed to roughly 4.23% as traders pulled back on bets for near-term rate cuts, according to Reuters. (Reuters)
Treasury yields represent the interest investors collect from U.S. government bonds. As these rates climb, non-yielding assets such as silver tend to lose some appeal.
Silver-linked assets mirrored the market’s swings. iShares Silver Trust (SLV), the U.S.-listed fund holding physical silver, ended Friday at $81.02. Its net asset value stood at $82.30, with roughly 516.8 million ounces in holdings as of Jan. 16. (BlackRock)
U.S.-listed silver miners wrapped up the week on a mixed note. Pan American Silver slipped 1.2% to close at $55.20, whereas First Majestic gained 5.8%, finishing at $21.50.
Silver has been making unusually large moves, even for its volatile nature. Should the dollar strengthen further or real yields rise, any pullbacks risk plunging sharply.
The week kicks off with a calendar quirk: U.S. markets will be closed Monday, Jan. 19, in observance of Martin Luther King Jr. Day. That often means lighter volume at the open and bigger price gaps. (Congress)
Traders are now shifting focus to the Federal Reserve’s policy meeting on Jan. 27-28. The rate decision and press conference are set for Jan. 28. (Federalreserve)
