Spot silver falls nearly 3% to $56.85/oz

Spot silver fell nearly 3% to $56.85 per troy ounce on July 15, 2026, marking its weakest level since December 2025 amid mixed macroeconomic signals and geopolitical tensions. The decline followed softer-than-expected U.S. inflation data, including a 0.2% rise in core producer prices for June, below forecasts, which reduced expectations for further Federal Reserve rate hikes. Despite this, traders continue to price in a roughly 49% chance of a September rate hike, as oil prices climbed to a one-month high amid escalating U.S.-Iran tensions.

Over the past month, silver prices have fallen 18.96%, though they remain 49.69% higher than a year ago. The drop comes after a significant rally in early 2026, when silver prices surged from around $29 per ounce in January 2025 to over $80 by early January 2026. Analysts have offered a wide range of forecasts for 2026, with some predicting a pullback to the mid-$50s to mid-$60s range, while others anticipate continued strength due to industrial demand and supply constraints.

Silver’s price is influenced by a combination of factors, including its role in industrial applications such as solar panels and electric vehicles, as well as its function as a safe-haven asset. The metal’s supply remains constrained, with mine production increasing only modestly in recent years and demand from the green energy sector rising sharply. Additionally, geopolitical events and monetary policy shifts continue to play a significant role in shaping silver’s price trajectory.

Looking ahead, silver is expected to trade at $62.69 per troy ounce by the end of the third quarter of 2026 and $73.50 by the end of the year, according to Trading Economics global macro models and analyst expectations. However, these projections remain subject to change based on evolving economic conditions, geopolitical developments, and shifts in investor sentiment.