Highlights

  • Silver traded at USD 53.90450, down 0.51250 (-0.94%), during the session.
  • The session opened at USD 54.44800 and reached a high of USD 54.53650.
  • Silver touched a session low of USD 53.78350 on tick volume of 63.24K.
  • Silver set a fresh year-to-date low near USD 53 on Friday, 23 October.
  • The Fed is widely expected to hold rates at 3.75%-4.00% on 28 October.
  • Traders are watching support near 52 and 48 and resistance near 56 and 60.

Silver slipped 0.94% to USD 53.90450 on 28 October 2026, hovering near a fresh year-to-date low as a hawkish Federal Reserve outlook and oil-driven inflation concerns weighed on the metal. The session opened at USD 54.44800 and ranged between USD 53.78350 and USD 54.53650, shedding 0.51250.

The decline extends a long retreat from the early-2026 peak and arrives ahead of today's Fed policy decision.

Silver Hovers Near Year-to-Date Lows

Silver opened at USD 54.44800, touched a high of USD 54.53650 and fell to USD 53.78350, leaving the latest price at USD 53.90450 on tick volume of 63.24K. On Friday, 23 October, silver set a fresh year-to-date low near USD 53.

TradingView chart for Silver

Image source: Tradingview chart, 28 October 2026

Hawkish Fed Expectations Pressure Non-Yielding Metals

The Fed is widely expected to hold rates at 3.75%-4.00% on Wednesday, after raising them by 25 basis points on 16 September. Markets fear policy will stay restrictive for longer, which tends to weigh on non-yielding assets such as silver. A poll of economists conducted between 16 and 20 October found all 100 expecting a hike in December.

Oil-Driven Inflation Keeps Rate Worries Alive

Oil prices rose last week on Middle East tensions, reviving inflation concerns ahead of the meeting. September CPI stood at 3.7% year on year, with core at 2.6%, and PCE inflation is projected to stay more than 100 basis points above the Fed's 2% target for several quarters. Q3 GDP and September PCE inflation are due on 29 October.

Dollar and Yields Cap Rebounds

The 10-year Treasury yield stood at 5.146% and the dollar index at 101.69 in late-October data, below its 52-week high of 102.95. A firm dollar makes dollar-priced silver more expensive for holders of other currencies and has capped recovery attempts this week.

A Long Retreat From the Early-2026 Peak

Silver peaked near 120 in late January 2026 before turning lower. Rallies in March, May and late August each failed below the previous high, and the October slide has carried prices under the July lows.

Technical Outlook: Silver

Silver was quoted at USD 53.90450, against an opening level of USD 54.44800, a session high of USD 54.53650 and a session low of USD 53.78350. The change on the day stood at -0.51250, or -0.94%.

Silver has posted lower highs since the early-2026 peak and is trading near its lowest levels of the year. A rebound would need to clear nearby resistance before the pattern of lower highs is challenged, while further weakness would extend the decline.

Key Levels to Watch

The nearest support zone sits near 52, followed by the area near 48. Resistance sits near 56, close to the July lows, followed by the area near 60. These are approximate levels rather than calculated pivots.

A hold above 52 would keep the year-to-date low in place, while a break below it would extend the decline. A sustained move through 56 would be needed before 60 becomes relevant.

Summary

Silver fell 0.94% to USD 53.90450 on 28 October 2026, near a year-to-date low, as a hawkish Fed outlook, oil-driven inflation and a firm dollar weighed on the metal. The Fed decision today and 29 October GDP and PCE releases are next, while support near 52 and resistance near 56 frame the near-term range.