New York, January 6, 2026, 06:20 EST — Premarket
- Spot silver rose to a one-week high as investors sought safety after the U.S. capture of Venezuela’s Nicolas Maduro.
- A weak U.S. factory survey revived expectations for Federal Reserve rate cuts, supporting non-interest-bearing metals.
- Traders are bracing for Friday’s U.S. jobs report as the next big catalyst.
Silver prices climbed on Tuesday, with spot silver — for immediate delivery — up 1.9% at $77.97 an ounce by 0946 GMT as safe-haven demand rose after the U.S. capture of Venezuelan President Nicolas Maduro and markets leaned further into U.S. rate-cut bets. “Safe-haven demand and rising bets on Federal Reserve rate cuts are underpinning the market,” said Ricardo Evangelista, an analyst at ActivTrades. Gold edged up 0.1% to $4,452.60 an ounce, while platinum rose 1.4% and palladium gained 0.2%. Reuters
The move matters now because silver sits at the crossroads of fear and growth. It trades like a haven when headlines turn ugly, but it is also an industrial metal tied to factories and the global cycle.
Lower-rate expectations have been a tailwind. When investors anticipate easier policy, metals that pay no interest can look more attractive than cash-like assets.
That rate backdrop firmed after the Institute for Supply Management’s manufacturing PMI — a survey-based gauge where readings below 50 signal contraction — fell to 47.9 in December, marking a tenth straight month of shrinking factory activity, data showed.
Minneapolis Fed President Neel Kashkari said on Monday inflation was easing gradually but warned the unemployment rate could “pop” higher, reinforcing the market’s focus on incoming data and the path for policy. Kashkari said monetary policy was near neutral and future moves would hinge on how the economy evolves. Reuters
Silver’s dual identity can amplify the swing. A metal used in electronics and solar hardware can surge on growth optimism, yet still catch a bid when investors seek protection.
In U.S. trading, the iShares Silver Trust, a bullion-backed ETF that mirrors spot prices, jumped about 5.1% on Monday to close at $69.08.
With spot prices back near the $78 area, traders are watching whether silver can reclaim the $80 handle — and whether momentum drags the late-December record back into range.
The risk case is straightforward: a rebound in U.S. data or a pushback from Fed officials could lift the dollar and real yields, squeezing demand for precious metals. A fade in Venezuela-driven risk premiums would also test how much of the rally is headline fuel versus durable positioning.
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