Silver prices have retreated sharply into early October 2026, trading near $60–61 per ounce after a weekly decline exceeding 6 percent amid elevated 10-year Treasury yields near 5.3 percent and a firm U.S. dollar. The September nonfarm payrolls miss of just 29,000 jobs versus expectations near 90,000 has tempered near-term Fed rate-hike odds, providing modest support, yet persistent real-yield pressure and reduced industrial offtake from solar have weighed on the metal. A structural supply deficit persists, though softer photovoltaic demand and higher opportunity costs for non-yielding assets continue to cap upside. Traders are watching the late-October FOMC meeting and subsequent labor and inflation releases for clarity on the monetary policy path that could shift the gold-silver ratio and XAGUSD momentum.