Silver Prices Slide to Lowest Level Since December 2025 Ahead of Key PCE Inflation Data

CHICAGO — Silver prices fell to their lowest opening level in six months on Thursday, June 25, 2026, as commodities markets braced for the release of the U.S. Federal Reserve’s preferred inflation metric. The precious metal opened lower as investors trimmed exposure to non-yielding assets, anticipating that stubborn inflationary pressures could prompt policymakers to maintain elevated interest rates for longer than previously projected.

At the market open on Thursday, spot silver was trading at $26.15 per ounce, marking a technical breach of key support levels and representing the lowest valuation for the metal since mid-December 2025. The downward momentum reflects broader anxiety across the metals sector, which has faced headwinds from a strengthening U.S. dollar and cautious sentiment in the wider financial markets. Investors are largely sidelined ahead of Friday’s Personal Consumption Expenditures (PCE) price index report, which is expected to offer crucial clues regarding the macroeconomic landscape for the second half of the year.

"The precious metals complex is currently locked in a defensive posture, with a clear bias toward the downside as traders position themselves for the PCE print," said Marcus Vance, senior commodities strategist at Apex Global Markets. "If the inflation numbers come in hotter than anticipated, it could extinguish any remaining hopes for a late-summer interest rate cut by the Federal Reserve, further depressing silver, which carries no yield."

Beyond macroeconomic policies, silver’s recent performance has also been pressured by shifts in physical demand. While the metal benefited from a surge in industrial demand from the solar energy and electronics sectors earlier in the year, recent manufacturing data suggests a temporary cooling in industrial consumption. Analysts note that if Friday's inflation data indicates cooling consumer prices, it could trigger a sharp reversal and relief rally for silver, pushing it back toward the $28.00 resistance mark. Conversely, a hot inflation reading could force the metal to test new multi-year lows.