Silver price fell below $60 per ounce for the first time since December, hitting fresh 2026 lows on June 24 as a strengthening US dollar and rising Federal Reserve rate-hike expectations weighed on precious metals.
The decline marks a dramatic reversal from silver’s all-time high of $121.67 reached in January 2026. According to FXStreet, silver broke below the $60 mark on Wednesday amid hawkish Fed bets and a US dollar climbing to its highest level in over a year.
A stronger dollar makes precious metals more expensive for foreign buyers, reducing demand. This dynamic has intensified as market expectations shifted toward higher interest rates. On June 18, the Federal Reserve held rates steady but signaled that rate hikes could come later this year, according to Forbes. The market interpreted this as hawkish, driving up the dollar and pushing silver lower.
The broader precious metals complex has suffered throughout June. According to CNBC, gold prices dropped nearly 2 percent on June 23 as the dollar strengthened to a one-year high. The dollar’s surge reflects investor expectations of stricter US monetary policy ahead, a dynamic that typically pressures assets like silver that offer no yield.
Silver’s volatility in 2026 has been extreme. The metal surged from around $29 per ounce at the start of the year to above $70 by late December 2025, only to experience sharp corrections. On January 30, 2026, silver futures plummeted 31.4 percent to settle at $78.53, marking its worst day since March 1980, according to CNBC. That crash was triggered by a stronger-than-expected US jobs report that doubled market expectations for Federal Reserve rate hikes.
Investment demand has cooled significantly as rate-hike prospects mounted. CBS News noted in late May that investment demand cooling pushes prices down, though silver remains in short supply globally. The current decline reflects a shift in investor sentiment away from precious metals as higher interest rates make yield-bearing assets more attractive.
Sources
- FXStreet — reported silver breaking below $60 on June 24, 2026, amid stronger dollar and Fed rate-hike bets
- Odaily — confirmed spot and futures silver both fell below $60 on June 24, 2026
- Forbes — reported gold and silver futures fell after Fed indicated future rate hikes could come this year
- CNBC — reported gold dropped nearly 2% on June 23 as dollar strengthened to one-year high; also reported January 30, 2026 silver crash of 31.4%
- CBS News — noted that investment demand cooling pushes prices down despite ongoing silver supply shortage
