Silver Pinned Near $60 as Traders Await September CPI
Published on 10/13/2026 at 15:31 | Editorial boerse-global.de
Silver is marking time around the psychological $60-per-ounce threshold, with market participants reluctant to commit to sizeable positions before Wednesday's release of US consumer price data for September. The metal ended Monday's COMEX session at $60.55 an ounce, a daily decline of 0.9%, after intraday dips to just below $60 drew some bargain hunting that nonetheless failed to generate sustained upward momentum.
The cautious mood stems largely from uncertainty over the Federal Reserve's rate trajectory. Fresh concerns about persistent price pressure have been compounded by firmer energy costs. Futures markets, according to CME FedWatch data, assign roughly an 80% probability to unchanged rates at the upcoming October meeting, while a 25-basis-point tightening in December is priced as nearly a done deal at almost 88%.
Hawkish commentary from within the Fed has added to the pressure on rate expectations. Cleveland Fed President Beth Hammack made the case for tight monetary policy and higher borrowing costs to anchor inflation reliably at the 2% target. Analysts at Societe Generale likewise expect core inflation of 2.5% to underpin the prospect of rate hikes in December and in the first quarter of next year. For silver, which pays no yield, a prolonged restrictive stance from central banks represents a persistent headwind.
A Week of Reversals
The current stalemate follows a sharp rebound. On Friday, silver climbed 2.8% to $61.11 an ounce, riding a wave of softening crude oil prices. Easing pressure on the rates front gave precious metals room to breathe, after rising US Treasury yields and a firmer dollar had kept the non-yielding metal under selling pressure for several weeks.
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That advance extended a countermove from an interim low of $58.46 an ounce touched on October 8. Reclaiming the $60 mark ended a multi-day losing streak that had also been attributed to an overbought market following a summer rally. Barely two weeks earlier, the silver market's supply deficit had dominated price discussions before macroeconomic factors moved back to center stage. Higher bond yields had made alternative investments more attractive and prompted a temporary exodus from silver; the ebbing of that headwind enabled the short-term shift in sentiment.
The recovery, however, faces further tests. On Tuesday, reports indicated the price stalled once more amid a strengthening US dollar and geopolitical tensions that rekindled inflation and rate expectations.
Chart Levels in Focus
Ahead of the pivotal inflation figures, silver remains locked in a well-established sideways range between $58.50 and just under $62. At its latest close, the price sits roughly 6.9% below its 50-day moving average of $65.01, underscoring the prevailing near-term pressure.
On the upside, technical hurdles appear just below the $61 threshold and at the $61.54 mark. To the downside, the recently defended low around $58.57 serves as the key support level. Only Wednesday's consumer price data and Thursday's producer price figures are likely to determine whether silver can break out of its consolidation range — and with them, the direction of the Fed's next policy moves, which will weigh heavily on the appeal of metals like silver.
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