Last Updated on October 5, 2026 by Deon
Silver price is going up at the start of the week with XAG/USD trading around $61.71 per troy ounce according to FXStreet data. The metal went up 2.13% from Fridays level of $60.43 showing signs of coming after a big drop recently.
The rise is happening because traders are looking at the outlook for US money policy again after numbers about jobs. Fewer chances of another increase in interest rates from the Federal Reserve is helping metals that do not give interest. At the time problems in different parts of the world and changes in the US Dollar and bond rates are still important for Silver.
Silver comes back after a drop
Silver has had a lot of selling with prices going under $60 before getting some help. The latest movement over $61 means that people who buy Silver are trying to take control
FXStreet data says that Silver is still down 13.18% from the start of the year with Mondays rise. This shows how change there is in the market for precious metals.
The recovery is important. It does not mean the recent bad trend is over.
Federal Reserve outlook helps Silver
One of the reasons Silver is doing better is because the outlook for Federal Reserve policy is changing.
The latest report about jobs said that the number of jobs added was 29,000 in September, which is much less than expected. The worse job market has made it less likely that the Federal Reserve will raise rates in October.
Markets now think there is a bigger chance that the Federal Reserve will not change the rates at its next meeting. Lower chances of interest rates can help Silver because the metal does not give any interest.
When people think that the cost of borrowing will go down or stay low for a time the cost of holding Silver can go down. This can make people want to own assets like Silver
US Dollar is still a risk
Even with the good effect from the change in what the Federal Reserve will do the US Dollar is still a big risk for Silver.
Silver is sold in US Dollars so if the Dollar is strong it can make Silver more expensive for people who use currencies. This can stop people from buying. Put pressure on XAG/USD.
The Dollar has stayed strong with worse numbers about jobs helped by people looking for safe places to put their money and high bond rates. This makes it hard for Silver traders.
If the Dollar drops a lot it can help Silver more. If the Dollar gets stronger again it can make it hard for XAG/USD to keep the rise.
Bond rates and Silver
US bond rates are another thing that affects Silver prices.
Since Silver does not give interest higher bond rates can make it less attractive.. If bond rates go down Silver can look better.
Recent analysis of Silver prices showed that the metal got some help from bond rates after the bad jobs report.. Silver is still under a key level around $62.40 so the overall trend is still under pressure.
Traders will keep looking at bond rates to see what happens next.
Industrial demand is still important
Silver has a place in the money world because it is both a valuable metal and something used in industry.
The metal is used a lot in electronics, solar energy and other industrial uses because it conducts electricity well. Strong industrial activity can make people want Silver.
China, the United States and India are markets. Changes in how much’s made how much is spent on new technology and how much people want can affect the long-term outlook for Silver.
This industrial part means Silver can act differently from Gold especially when people think about how the world’s growing.
Technical view for Silver
Looking at the numbers $62.40 is a level that Silver needs to go past. Recent analysis shows that Silver is still under that level so the bad trend is not yet.
If Silver moves past $62.40 the recovery could get stronger. The high from September 25 near $65.00 could be next. Above that the $68.00 area could be the big level to watch.
On the side the low from Friday around $59.69 is a key level that Silver needs to stay above. If Silver goes below that the lower levels from August and early September around $56.60 could be important.
The momentum is even now. The RSI on four-hour charts is near the middle and the MACD is a positive, which means that buyers are getting stronger but they have not taken control completely.
What traders should watch
Silver traders need to watch a few things in the coming days. The US Dollar, bond rates and what the Federal Reserve will do are still the things for the short-term.
If the chances of interest rates keep going down that can help Silver especially if bond rates go down too. If bond rates go up or the Dollar gets stronger that can stop Silver from going up.
Changes in the world that make people want places to put money can also affect Silver. Also worries about the world economy can affect Silver because of how it is used in industry.
The level of $62.40 and the level of $59.69 are useful for traders to check the near-term price movement.
Silver price forecast
Silver going back above $61 is a sign after the recent drop but the recovery still needs to be proven. If Silver stays above $62.40 that can improve the view. Maybe lead to $65.
If Silver cannot stay above $60 that could bring more selling and go down to lower levels.
For now the Silver market is still watching what the Federal Reserve will do how the US Dollar moves, bond rates and how people feel about the world. The weaker jobs. Lower chances of higher rates are helping, but more signs from the price are still needed.
Silver price is coming back with XAG/USD at about $61.71 after a 2.13% rise on Monday. The move is because of feelings after the weak jobs report and less chance of a rate increase from the Federal Reserve in October.
Silver is still below the key level of $62.40. If it goes past that the recovery could get stronger. If it goes below $59.69 the bad trend could come back.
For traders the US Dollar, bond rates and what the Federal Reserve will do are still the important things, for how Silver prices move.
