Silver Prices Steady but Down Sharply From Last Week as Range Narrows
Silver prices opened lower Tuesday but held steady in early trade, averaging just over $68 per ounce compared to over $74 last week, as markets digest geopolitical developments.
Silver prices opened lower on Tuesday but have steadied in early trading, with July futures trading at $68.45 per ounce as of 7:03 a.m. ET, down 0.4% from Monday's close but above Tuesday's open of $68.32.
The precious metal has settled into a lower range this week after a sharp pullback from last week's levels. Average opening prices last week were above $74 per ounce, while this week they have averaged just over $68. The decline mirrors a similar pattern in gold prices, which have also eased from recent highs. Markets have welcomed news that Israel and Iran have paused hostilities, reducing safe-haven demand that had previously supported precious metals. For silver traders, the current consolidation around the $68 level represents a key area to watch. A break below could signal further downside, while a hold may attract bargain buyers. NowPrice's silver page provides real-time pricing for those monitoring these levels.
Looking ahead, traders will focus on upcoming US economic data, including inflation reports and Federal Reserve commentary, which could influence the dollar and interest rate expectations. Any renewed geopolitical tensions could quickly reverse the recent pullback, while a sustained ceasefire may keep pressure on prices. The $70 level is a near-term resistance to watch on the upside.