Silver (XAG/USD) trades near $64 per ounce in late September 2026, pressured by the Federal Reserve’s September 16 rate hike to the 3.75-4.00% target range and subsequent hawkish communications that lifted the 10-year Treasury yield to a 19-year high near 5.2%. Elevated real yields and a firmer dollar index around 101 have weighed on the non-yielding metal despite a structural market deficit projected at 46.3 million ounces for the year. Industrial demand faces near-term headwinds from solar panel efficiency gains, while traders monitor the September 30 PCE release and October 2 employment report for clues on further tightening odds ahead of the next FOMC meeting.