Silver Ends Losing Streak as Washington Trade Talks Offset Fed Headwinds
Published on 09/26/2026 at 10:01 | Editorial boerse-global.de
Silver snapped a run of declines to close out the trading week on a firmer note, with the COMEX front-month contract settling at $64.71 per troy ounce on Friday for a daily gain of 0.7%. The rebound followed a bilateral trade summit between the United States and China in Washington, where the two delegations reportedly agreed to a short-term extension of existing trade accords and discussed regulatory frameworks for artificial intelligence.
The meeting between President Donald Trump and President Xi Jinping drew close scrutiny from commodity desks, and not simply because of its headline diplomatic value. Silver's dual identity — part store of value, part industrial input — means its demand profile is increasingly tied to the buildout of AI hardware and global solar panel manufacturing. Any tightening of export controls or new tariffs on AI-related technology threatened to disrupt those supply chains, which is why traders parsed the signals emerging from Washington for signs of risk to end-use consumption.
Rate Policy Keeps a Lid on the Recovery
Even with the trade front showing tentative calm, the broader backdrop remains difficult. At $64.71, silver sits just below its 50-day moving average of $65.06, a reminder that the metal is still working through a consolidation phase following the turbulence of recent months.
Should investors sell immediately? Or is it worth buying Silber Preis?
The Federal Reserve's decision to raise its benchmark rate roughly a week ago continues to weigh on sentiment. Since that move, silver has shed about 1.5%, according to the primary reading, with a separate tally putting the decline at 2.2%. Rising yields on competing assets erode the appeal of a metal that pays no coupon, and the recovery has consequently been muted. Persistent inflation worries tied to the energy sector, alongside geopolitical tension in the Middle East, add to the nervousness — though those same concerns also cap the room for a sharper move higher.
UBS Sticks With Its Bullish Medium-Term Call
Not everyone is focused on the near-term drag. UBS strategist Dominic Schnider, writing on September 21, projected silver would climb to $70 per ounce by December 2026, with further gains penciled in for the following year: $75 per ounce by March and June 2027, and $80 by September 2027. Schnider anchored the call to silver's tight correlation with gold, lingering fiscal concerns and longer-run downside risks for the dollar. The Swiss bank was careful to flag the immediate brake that tighter Fed policy is applying.
Physical Market Tells a Different Story
Meanwhile, futures exchange data point to unusually robust physical interest. COMEX warehouse reports showed outflows of more than 7 million troy ounces in the prior week, even as CME Group figures through September 18 recorded 6,168 delivery notices for the September contract, covering 30.84 million troy ounces. Registered immediately deliverable stocks at the COMEX stood at just under 98 million troy ounces.
The collision of heavy physical demand with restrictive monetary policy is keeping volatility elevated. Until the path of Fed policy for the coming month comes into clearer focus, price action is likely to be driven by incoming US economic and inflation data.
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