Spot Silver Continues Hitting Fresh Highs – But This Analyst Warns Of Potential Consolidation

• At the time of writing, silver was up 1% at $62.4 an ounce while futures for March 2026 deliveries jumped 2.5% to $62.56 per ounce.
• Silver prices are likely to remain highly volatile as long as uncertainty over U.S. tariffs persists, a Goldman Sachs analyst told Forbes.
• DXY declined 0.3% to 98.32, marking its lowest level since October 17.

Spot silver (XAG/USD) prices jumped to a record high of $62.9 per ounce on Thursday, a day after the U.S. Federal Reserve announced the much-anticipated 25 basis point rate cut.

At the time of writing, silver pared some early gains to trade 1% higher at $62.4 per ounce. Silver futures for March 2026 deliveries jumped 2.5% to $62.56 per ounce.

What’s Next For Silver?

The precious metal has been on a historic run. Silver has hit fresh peaks in seven of the last 10 sessions. Daan Struyven, co-head of global commodities research at Goldman Sachs, told Forbes on Thursday that silver prices are likely to remain highly volatile as long as uncertainty over U.S. tariffs persists. Struyven also pointed to a physical squeeze in the London silver market, with inventories low as metal is being shipped to the U.S. amid tariff concerns.

He said that many of the factors lifting gold, such as expectations of lower interest rates, also help silver by boosting investor demand. However, unlike gold, silver doesn’t have central bank buying as support, and it tends to be more volatile.

Struyven noted that Gold ETFs are roughly 70 times smaller than the U.S. Treasury market, and silver is about nine times smaller than gold, and because of this, even modest flows into silver could drive significant gains.

Meanwhile, veteran commodities expert and Head of Commodity Strategy at Saxo Bank, Ole Hansen, noted that silver could see profit-taking as risk sentiment weakened across equities.

In a post on X, Hansen noted that the firm rejection, partly due to overbought conditions, may signal a shift in focus toward consolidation, with $59 as a major support level.

Gold And Greenback

Spot gold prices fell 0.2% to $4,219 an ounce, while gold futures for February 2026 deliveries climbed 0.6% to $4,249.2.

Meanwhile, the dollar index (DXY) declined 0.3% to 98.32, its lowest level since October 17.

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