Silver price trades near $71 as markets digest hawkish Fed signal

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Silver price steadies near $71

Highlights

Silver traded near $70 after falling as much as 5.9% during the day.
U.S. 10-year Treasury yields rose to about 4.28% as rate cut hopes faded.
Brent crude pushed above $110 after attacks on Gulf energy infrastructure.

Silver spent the session trying to stabilize after a violent break lower, with the market slipping from Wednesday’s close near $75 toward an intraday range low around $65 before bouncing. That kind of move usually leaves traders watching whether the rebound is genuine buying or just short covering inside a broader liquidation phase.

The first area that now matters on the upside sits around $72 to $73, where the market would need to regain control to slow the immediate downside pressure. Above that, the next zone to watch is around $76, the top of Thursday’s range and the first level that would suggest the selloff has stopped accelerating.

On the downside, the session floor near $65 has become the line traders will keep testing in coming sessions. If that level gives way on a closing basis, the drop starts to look less like a sharp correction and more like a deeper repricing after silver’s powerful run earlier this year.

Silver price dynamics (Source: TradingView.)

The macro tide turned against metals

The main pressure point was the Fed meeting. Policymakers left the federal funds rate unchanged at 3.50% to 3.75%, while updated projections continued to point to only one rate cut this year, leaving markets with little reason to expect quick relief on financing conditions.

At the same time, bond yields kept pushing higher. The U.S. 10-year yield moved to roughly 4.28%, and the 2-year yield climbed to about 3.84%, a combination that raised the opportunity cost of holding non-yield-bearing metals and helped keep speculative money on the defensive.

The oil shock added another complication. Brent surged above $119 intraday before pulling back toward $112, reinforcing the view that energy inflation could stay uncomfortably firm. That backdrop has unsettled risk assets broadly and, for now, prevented silver from benefiting fully from geopolitical stress.

The next move depends on whether panic selling fades

A constructive scenario would start with silver holding above the upper $60 region and recovering the low $70 region with more consistency. If yields cool and the market decides the Fed has already delivered its hawkish message, silver could try to rebuild toward $73 first and then retest the mid-$70 area.

The more fragile path is easy to see as well. Another rise in yields, another leg higher in oil, or continued liquidation across commodity funds could drag silver back toward the Thursday low near $65. Sentiment is likely to remain unstable until price action stops reacting so sharply to every shift in the rates and energy story.

Silver is still well above where it traded at the start of 2026, even after this week’s sharp break. That is why the current slide matters: it is testing whether a market driven for months by scarcity and investment demand can keep that support once liquidity, yield, and inflation fears begin pulling in the opposite direction.

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