NEW YORK, Jan 3, 2026, 12:22 ET — Market closed
- iShares Silver Trust (SLV) last closed up 2.06% as U.S. markets ended the first session of 2026.
- Spot silver ended Friday higher despite a firmer dollar and rising Treasury yields.
- Next catalysts include ISM data on Jan. 5 and a commodity index rebalance starting Jan. 8.
iShares Silver Trust (SLV), a silver-backed exchange-traded fund that trades like a stock, rose 2.06% on Friday to close at $65.75. The fund was last quoted at $66.38 in after-hours trading.
The move matters because silver is trying to extend a record run from 2025 into the new year, even as investors recalibrate expectations for U.S. interest rates. Rate expectations can move the dollar and bond yields, two key drivers for precious metals.
Silver is also prone to sharp swings early in the year as big funds rebalance positions and liquidity thins around holidays. That can magnify moves in both directions when macro headlines hit.
Spot silver — the cash price for immediate delivery — rose 1.6% to $72.39 an ounce on Friday, while spot gold was up 0.36% at $4,329.57, Reuters reported. The dollar index rose 0.19% and the 10-year Treasury yield climbed 3.8 basis points (0.038 percentage point) to 4.191%.
“We are continuing to see the market talk about cuts in March,” TD Securities’ Bart Melek said, pointing to rate expectations and trade-policy risks. Reuters also cited geopolitical tension as a support, even as precious metals cooled after a late-2025 surge. Reuters
On the fund side, BlackRock’s iShares website showed SLV had net assets of about $39.22 billion and held 16,444.14 tonnes of silver as of Jan. 2. The fund’s 52-week range was listed at $26.79 to $67.85.
For investors, the push-pull is familiar: falling-rate bets tend to help precious metals because they don’t pay interest, while higher yields and a stronger dollar can pressure prices by raising the opportunity cost of holding bullion.
Positioning is also in focus. Commodity-linked funds often rebalance at the start of the year, and traders watch for forced buying or selling that can temporarily overwhelm day-to-day fundamentals.
J.P. Morgan analysts expect near-term selling tied to the Bloomberg Commodity Index’s annual rebalance from Jan. 8 to Jan. 14, Barron’s reported. The note projected roughly $3.8 billion of silver futures selling as index funds adjust target weights.
Before the next session, the U.S. data calendar is back in the driver’s seat. The Institute for Supply Management said its Manufacturing ISM PMI report for December 2025 is due at 10:00 a.m. ET on Monday, Jan. 5, with the Services ISM PMI report scheduled for 10:00 a.m. ET on Wednesday, Jan. 7.
Later in the week, the Labor Department’s schedule shows the U.S. employment report for December 2025 is set for 8:30 a.m. ET on Friday, Jan. 9, with CPI for December due Tuesday, Jan. 13. The agency noted release dates have been subject to change following a lapse in government services.
A run of stronger-than-expected data would keep pressure on rate-cut pricing and could lift yields again, a headwind for silver. Softer numbers would reinforce the view that policy easing is still on the table and could keep precious metals supported.
Traders will also be watching whether silver-linked funds hold near recent highs into Monday’s open, and whether liquidity returns after the holiday week — a setup that can turn routine data into an outsized move.
