Silver futures opened lower on Friday but reversed to top $65 an ounce. Soft inflation data released this week cut traders' expectations of a September Fed rate move. The metal is now up 12.1% over the past month and 70.2% over the past year.
Silver September futures opened at $64.63 per ounce on Friday, August 14, 2026, down 0.6% from Thursday's close. The metal reversed course in early trading and climbed to $65.14 as of 8:03 a.m. ET.
The rebound came as soft inflation reports released earlier this week led many traders to lower their expectations of a rate increase in September.
Fed odds shift toward a hold
According to the CME Group's FedWatch tool, there is now a 69.4% chance the Fed holds rates steady in September, while 30.6% of economists still expect a 25-basis-point increase.
That marks a sharp shift from a month ago, when 42% expected the Fed to hold, 50% expected a 25-basis-point hike, and 8% expected a 50-basis-point hike.
Lower rates favor a non-yielding metal
Silver prices are holding firm thanks to the rising no-hike majority, because precious metals like silver do not pay interest.
A longer rally
The move extends a rally that has been building for months. Silver's opening price on Friday was up 1.6% from a week earlier, 12.1% from a month earlier, and 70.2% from a year earlier. For context, silver's year-over-year growth stood at 173.3% on May 14.
Source: Yahoo Personal Finance
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