Silver December futures opened at $54.69 per ounce on Friday, October 23, 2026, slipping 0.6% from Thursday's close and reaching $54.04 in early trading by 7:15 a.m. ET. That put Silver at its lowest opening level since November 28, 2025, extending a steady decline that has been building for the past month.
For investors in precious metals, the move lands at a time when the usual support for Silver should be stronger, not weaker. Inflation fears and higher energy costs have been weighing on sentiment, yet Silver is still selling off as the market digests the latest gold and silver price decline.
The pressure on metals is unfolding against a backdrop of persistent cost concerns. The war in Iran has kept energy costs elevated since it began on February 28, and Brent crude has been trading at levels last seen in May. Those forces normally reinforce the case for precious metals as a store of value, but this time they have not stopped the slide.
That disconnect is what makes the move notable. Silver is falling even as the market is dealing with the kind of inflation backdrop that usually gives metals a bid, which suggests the trade is being driven less by a silver-specific supply shock than by a broader pullback in precious assets. The metal had also posted year-over-year growth of 173.3% on May 14, underscoring how far it has moved before this latest drop.
Most investors still expect the Fed to hold rates steady next month, according to CME Group's FedWatch tool, leaving the market with one clear test ahead. If rates stay unchanged, Silver will have to find support from somewhere other than policy relief, and the next leg of trading will show whether this decline is a pause or the start of a deeper reset.
