NEW YORK, March 17, 2026, 15:02 EDT
Spot silver slipped 1.5% to $79.55 an ounce as of 2:03 p.m. ET on Tuesday, while gold hovered, little changed, ahead of the Federal Reserve’s decision. The bullion market, said Jim Wyckoff, senior analyst at Kitco Metals, is caught in a “balancing act”—haven buyers squaring off against inflation forces. Reuters
Silver’s caught in a tug of war right now. The dollar’s lost some ground—Marc Chandler at Bannockburn Global Forex notes traders are “selling on rallies”—but there’s caution in the air as markets largely see the Fed holding rates steady. Pricing suggests only a quarter-point cut is expected this year. Brent crude, meanwhile, remains above $100 a barrel. Reuters
Pressure from rates hasn’t let up for precious metals this week. Monday saw Bob Haberkorn at RJO Futures noting that “with higher oil prices comes higher inflation,” suggesting central banks might hold off on cuts; spot silver sat unchanged at $80.52 at that point, then slid again Tuesday. Reuters
Pressure extended into futures as well. The most active silver contract on the CME last changed hands at $79.525, off 1.43% from its March 16 settlement of $80.682, according to CME data.
After a volatile first quarter, silver has given back some ground. The metal surged past $90 an ounce back in January. Even so, the Silver Institute warned last month that structural deficits will persist into 2026—marking a sixth consecutive year when demand is seen outstripping supply.
Silver-related shares lagged in New York, with Pan American Silver down roughly 1.2%. Hecla Mining gave up 1.1%, while Coeur Mining edged 0.4% lower, all tracking the metal’s drop.
Bears might want to stay alert here. Earlier in the day, silver futures climbed 0.4%, Barron’s noted, but then the gains faded. Traders were seen holding back, awaiting the Fed’s statement, new projections, and whatever Chair Jerome Powell would say. If the Fed turns out to be less hawkish than the market expects, silver—being non-yielding and not paying interest—could pop right back up.
Broader markets aren’t showing much urgency to pile into havens right now. Global equities logged a second day of gains Tuesday, despite oil prices holding up. That dynamic left silver lagging gold, unable to keep pace with bullion’s firmer footing. Investors are still treating silver as a bit of a hybrid—part inflation shield, part growth play.
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