SLViShares Silver Trust

Both gold and silver extended their sell-off on Wednesday, with spot prices dropping to the lowest levels this year.

Veteran commodities analyst Ole Hansen said silver has come under pressure due to concerns about slowing global growth and weaker demand for industrial metal.

Precious metal prices, including gold and silver, were higher in the overnight session on Sunday as a peace deal between the U.S. and Iran eased concerns around inflation and higher interest rates.

The U.S. struck Iran late Tuesday in a retaliatory operation for the downing of an American Apache combat helicopter near the Strait of Hormuz, sending prices of precious metals lower.

The U.S. launched fresh strikes on Iran late Tuesday in retaliation for the downing of an American combat helicopter near the Strait of Hormuz.

Silver prices fell to their lowest levels since March, pushing the gold-to-silver ratio to its highest level in two months.

Silver's rally is losing steam as weak industrial demand, volatility and overvaluation concerns put inverse ETFs like ZSL in focus.

Citi is touting aluminum as the next metal to buy, with prices expected to average around $4,000 per metric tonne in the second half of 2026.

Despite a short-term cut, JPMorgan expects both gold and silver prices to climb by the end of the year amid easing energy and inflation uncertainties.