Silver (XAGUSD) trades near $60 per ounce in early October 2026 after retreating from September highs above $67, pressured by the Federal Reserve’s September rate hike to the 3.75–4.00% target range and 10-year Treasury yields near 5.17%. A firmer dollar and reduced odds of near-term easing have raised the opportunity cost for the non-yielding metal, outweighing its sixth consecutive annual supply deficit. Industrial demand, which accounts for roughly 60% of consumption, faces headwinds from solar panel manufacturers reducing silver loadings per unit even as electronics and automotive applications provide some offset. Traders are watching upcoming U.S. inflation and employment releases for signals on the Fed’s policy path, which continues to anchor near-term price expectations.