Silver price stays weak as UBS targets $80 by September 2027
Silver remains under pressure after another wave of selling across precious metals. Yet the weak short-term picture has not erased expectations for a broader recovery, with the medium-term outlook still drawing considerable attention.
54.42
58.58
UBS expects silver to reach $80 by September 2027
UBS Global Wealth Management remains constructive on silver despite the recent correction. According to Investing.com, the bank expects the metal to rise from $53.95 per ounce to $70 by December 2026. Its forecast then points to $75 by mid-2027 and $80 by September.
UBS strategist Giovanni Staunovo notes that silver continues to move broadly in line with gold, but with significantly higher volatility. Shifts in real interest rates, a stronger U.S. dollar and tighter monetary policy can therefore produce much sharper swings in the metal.
AI demand and persistent supply deficit support long-term outlook
Industrial demand remains one of the main pillars of the longer-term silver story. The expansion of data centers, investment in AI infrastructure, upgrades to power grids and growing use of automotive electronics are all adding to consumption.
There is a counterweight, however. Elevated silver prices are encouraging solar-panel manufacturers to reduce the amount of metal used in production and experiment with alternative materials. According to the Silver Institute, the initial forecast pointed to a 2% decline in industrial silver demand in 2026.
Supply constraints offer another source of support. Much of the world’s silver is produced as a byproduct of mining copper, zinc, lead and gold, which limits how quickly miners can respond when prices rise.
UBS expects the global silver market to remain in deficit for a sixth consecutive year in 2026, even as recycling volumes increase.
Fed policy and technical weakness could delay silver recovery
Despite UBS’s bullish longer-term outlook, the near-term setup remains vulnerable. According to Traders Union analyst Anton Kharitonov, silver broke below support at $55.60–55.40 and later tested $53.60.
As long as rebounds remain capped by resistance at $54.40–54.60, the risk of a further decline toward the psychological $50 level remains in place.
The Federal Reserve’s October 28 decision will be especially important. A continued hawkish stance and further strength in the dollar could postpone a recovery even if the structural supply deficit persists.
UBS also highlights the risks of weaker global growth and a faster shift by manufacturers toward silver substitutes. That leaves the longer-term upside case intact, but short-term volatility could remain elevated.
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