Silver trades near $60–61 per ounce in early October 2026 after pulling back sharply from its January high above $118, pressured by 10-year Treasury yields climbing to a two-decade peak near 5.34% and a firmer dollar. These real-rate headwinds have outweighed a projected sixth consecutive annual structural deficit of roughly 46 million ounces and resilient industrial demand from solar and electronics. Recent softer PCE readings have trimmed near-term Fed hike odds, while Friday’s nonfarm payrolls release and the October FOMC meeting remain key near-term swing factors for rate expectations and dollar direction. Traders are watching whether yields stabilize or ease further to support a rebound above the $61.70–$63.90 resistance cluster.