Silver Holds Near $62 as Fed Rate Hike Odds Fall After Jobs Data

Silver prices held near the $62 level on Tuesday, July 7, 2026, as September futures opened at $62.52 per ounce, up 0.3% from Monday's close. The spot price was steady at $62.10 per ounce as of 8:38 a.m. ET, marking the second consecutive day that silver opened above the $62 threshold. This stability reflects a broader precious metals market that has been buoyed by persistent central-bank gold buying since 2022, which has lifted the entire complex. The real US 10-year yield, a key driver for non-yielding assets, remains subdued, supporting silver alongside gold. The COMEX-LBMA spread has narrowed, indicating reduced arbitrage pressure, while ETF flows into silver-backed funds like SLV have been steady, though not as robust as gold ETFs such as GLD and IAU. Jewelry demand for silver remains tepid, but industrial demand—driven by solar panels and electronics—continues to provide a floor.

The stability in silver comes after last week's employment report, which came in more positive than many analysts had expected. The stronger labor market data reduced the odds of future Federal Reserve rate increases, according to the CME Group's FedWatch tool. Lower rate hike expectations tend to support precious metals like silver and gold, as they reduce the opportunity cost of holding non-yielding assets. This dynamic is reinforced by the inverse correlation with the US Dollar Index (DXY), which has weakened on the rate outlook, making dollar-denominated metals more attractive. For traders tracking silver's next move, NowPrice's silver page provides real-time pricing and market depth. Investment demand, while secondary to industrial use, has picked up as silver's dual nature as both a monetary and industrial metal attracts speculative interest.

Looking ahead, market participants will focus on upcoming economic data releases, including inflation readings and consumer sentiment surveys, which could further influence Fed policy expectations. Any shift in rate expectations could drive silver's next directional move, with the $60 level serving as key support and $65 as resistance in the near term. A break above $65 could trigger momentum buying, while a drop below $60 might test the 50-day moving average. The interplay between DXY movements and real yields will be critical, as will any surprise in COMEX warehouse inventories or LBMA clearing volumes. Silver's volatility, amplified by its smaller market size relative to gold, means that even modest changes in macro sentiment can produce outsized swings.