Silver fell below $60 an ounce on Wednesday for the first time since December, extending a sharp decline that has erased nearly a fifth of the metal's value over the past month.
Silver July futures opened at $61.30 on Wednesday, already down 6% compared to Tuesday's opening price, according to Yahoo Finance. The price continued falling through the morning, reaching $59.32 as of 8:18 a.m. ET. Silver prices have not opened below $60 since December 9, 2025, when silver started the day at $57.62.
The drop over recent weeks has been steep. Compared to one week ago, silver's opening price was down 12.8%. Compared to one month ago, it was down 19.4%. The year-over-year gain stood at 71.1% as of Wednesday, the lowest year-over-year increase all year. For context, that same figure was 173.3% as recently as May 14.
Silver is facing several headwinds at once. A strengthening dollar and expected interest rate increases have put pressure on precious metals broadly, with gold facing similar challenges. Silver has fared worse than gold. On top of those macroeconomic pressures, certain industries have been reducing their use of silver, adding further weight to prices.
Silver plays a larger role in industrial production than gold does. Companies use the metal to manufacture solar panels, electronics, and medical devices, meaning industrial demand can cause sharper price swings than in gold markets. Governments and central banks do not hold silver reserves the way they hold gold, which is treated more as a long-term store of value.
Over the past 50 years, gold has outperformed silver in terms of long-term returns, though both metals have risen dramatically in price since the 1970s. Silver is more abundant in supply than gold but also has more varied industrial applications, which can amplify both its gains and its losses.
