Silver Price Drop November 2026: Why Silver Fell Below $50

How much did the silver price fall this week?

Comex silver futures for November delivery fell about $2.77, or 5.35%, in the week to 13 November 2026, settling near $49.03 an ounce, according to Dow Jones Market Data ^[1]. It was a new 52-week low and the lowest settlement since 7 November 2025 ^[1]. Silver has fallen in nine of the past 12 weeks and lost 5.49% in the last two sessions alone, the largest two-day fall since 30 October ^[1].

The spot price, which tracks silver for immediate delivery, fell harder on Friday than gold. Spot silver was trading near $48.63 an ounce late in US trading, down $1.32, or 2.63%, on the day, while spot gold edged higher, Kitco reported ^[2]. On Thursday, spot silver had already dropped 3.13% to about $49.93 ^[3].

Metals Focus put the weekly fall in spot silver at about 6%, with the metal last trading at $48.58 on Friday evening ^[4]. In London, the midday benchmark auction on Friday stayed just above $50, so silver avoided a weekly benchmark close below that level even though spot trade dipped under it later in the day, BullionVault reported ^[9].

Silver markets are closed at weekends, so these Friday prices still apply as of 15 November 2026, 06:00 UTC. The table below summarises the week.

Why is silver falling?

Hotter US inflation data raised expectations that the Federal Reserve will raise interest rates in December, which pushed up bond yields and the dollar and reduced the appeal of silver, which pays no interest ^[2][3]. The US consumer price index rose 0.4% in October and core prices rose 0.3%, both above forecasts ^[3][8].

Deutsche Bank strategists, quoted by FXStreet, noted it was the third month in a row of 0.3% core inflation, an annualised pace of about 3.75%, the fastest on that measure since April 2024 ^[8]. On Friday, producer prices rose 0.3% in October, slightly below forecasts, but annual producer inflation reached 6.5%, the highest since November 2022, Kitco reported ^[2].

Bond yields rose sharply. The 10-year Treasury yield climbed toward 5.15% on Friday ^[2]. BullionVault said the 10-year yield was 0.27 percentage points higher on the week, the steepest weekly jump since April 2025, and that 10-year inflation-protected yields rose to 2.87% ^[9]. Higher yields are a headwind for metals that pay no income ^[4][9].

Futures markets priced an 89% chance of a 0.25-point Fed hike at the 8-9 December meeting and an 11% chance of a 0.5-point move, according to Kitco ^[2]. For the meeting itself, see the Pouyam guide Fed Rate Hike December 2026: Will the Fed Raise on 9 Dec?

How far is silver below its record high?

Comex silver futures are 57.39% below their record settlement of $115.08, reached on 26 January 2026 ^[1]. Since the start of the year, the front-month contract has lost about $21.10, or 30.09% ^[1]. Over 12 months the fall is much smaller, 3.08%, because silver was far cheaper a year ago ^[1].

The spot price peaked even higher. Spot silver hit a record $121.65 an ounce on 26 January, supported by strong investment and tight physical liquidity in London, before falling as interest-rate expectations shifted, the dollar strengthened and bond yields rose, the Silver Institute said ^[5]. By 4 November it was near $52 ^[5].

Silver has fallen further than gold this year. The gold-to-silver ratio, which measures how many ounces of silver buy one ounce of gold, dropped to 43 in January, its lowest since 2011, and returned to the high 70s by early November ^[5]. Using Friday's Kitco spot prices of about $3,883 for gold and $48.63 for silver, the ratio was close to 80 ^[2].

For gold's fall this week, see the Pouyam guide Gold Price Drop November 2026: Why Gold Fell Below $3,900.

Is the silver market still in a supply deficit?

Yes, but a shrinking one. The Silver Institute, using research by Metals Focus, forecasts a sixth consecutive annual deficit in 2026, with demand exceeding supply by 35 million ounces ^[5]. Metals Focus said this compares with a deficit of 54 million ounces last year ^[4]. The cumulative shortfall for 2021 to 2026 is about 746 million ounces ^[5].

Total demand is forecast to fall 5% to 1.08 billion ounces, as high prices weigh on jewellery and silverware ^[5]. Industrial demand is expected to slip 3% to 640 million ounces, still about 22% above its 2019 level ^[5]. Industrial use outside solar panels is forecast to rise 4.5% to 492 million ounces, helped by electric vehicles and charging networks ^[5].

On the supply side, mine output is expected to edge down 0.5% to 834 million ounces, while recycling is forecast to rise 6% to 210 million ounces, the highest since 2012 ^[5].

Investment flows have eased the shortage. Silver exchange-traded product holdings stood at 1.25 billion ounces on 3 November, down 4% since the start of the year, and Metals Focus expects net outflows of 45 million ounces in 2026 ^[5]. The Institute said the narrower deficit and metal released by fund selling have eased physical tightness ^[5].

What is the silver price in India and Turkey?

Local silver prices fell with the world price, but exchange rates, taxes and dealer premiums mean the size of the moves differs ^[6][7].

In India, silver was quoted at ₹1,82,800 per kg in Delhi and ₹1,82,725 per kg in Mumbai on Saturday 14 November, according to Asianet Newsable ^[7]. The report said silver was down ₹2,108 per kg, or 1.14%, from the previous close ^[7]. These are city quotes; buyers of jewellery pay 3% GST and making charges on top ^[7].

In Turkey, gram silver traded at 79.18 lira, down 2.04% on the day and 5.52% on the week, Haber7 reported ^[6]. The same report put the weekly fall in the ounce price at 5.93% ^[6].

Demand in India has been weaker this year. Metals Focus forecasts Indian bar and coin demand to fall 10% in 2026, though it noted a modest recovery since June ^[5]. Higher prices and weaker rural spending are pushing Indian buyers towards smaller, lighter jewellery ^[5].

Indian bullion markets are closed at weekends, so rates generally stay the same until Monday ^[7].

Why did silver fall more than gold?

Silver is both a precious metal and an industrial metal, so it reacts to interest rates like gold and also to worries about factory demand, and its market is smaller and more volatile ^[2][4][5]. On Friday, spot gold rose slightly while spot silver fell 2.63%, which Kitco linked to concerns about industrial demand and tight financial conditions ^[2].

The biggest weak spot is solar power. High silver prices have pushed solar panel makers to use less silver or replace it with cheaper metals, and Metals Focus estimates solar demand for silver could fall about 20% this year ^[4]. Solar installations have also fallen short of expectations, particularly in China ^[5].

Investor interest is also thinner. Philip Newman of Metals Focus told Kitco that the price correction has left many retail investors reluctant to return, and that institutional participation remains limited ^[4]. US retail investment in silver is expected to reach its lowest level since 2010 ^[5].

Some banks are more cautious about the longer term. BMO forecast that heavy thrifting by solar manufacturers could turn the market from a deficit into a record surplus by 2030, according to BullionVault ^[9].

What do analysts say about the silver price next?

Views are mixed: Metals Focus remains positive on the longer term, while banks such as BMO see weaker fundamentals ahead, and short-term signals remain negative ^[4][9].

Newman said silver's ability to hold around $50 without much institutional buying was encouraging, and that a return of those investors could leave room for gains ^[4]. He said investors were waiting for clarity on Fed policy, inflation and tensions involving Iran, and that progress towards de-escalation could ease inflation expectations ^[4]. He also said uncertainty could last into early 2027 ^[4].

Kitco's technical commentary placed first resistance for spot silver at $49.67 and support at $49.23 and then $48.65 ^[2]. Such levels describe where traders have bought or sold before; they do not predict prices.

Next week's US calendar includes October retail sales on Tuesday and the minutes of the Fed's October meeting on Wednesday ^[2]. The Fed's next decision is due on 9 December ^[2].

Analyst views differ widely and often prove wrong. This page reports them; it is not investment advice, and it does not recommend buying, selling or holding silver.

How do I read a silver price quote?

Check whether a price is spot or futures, what unit and currency it uses, and whether it includes taxes and making charges ^[1][2][7].

1. Spot price: the price for immediate delivery, per troy ounce in US dollars; it was near $48.63 late on Friday ^[2].
2. Futures price: the price of an exchange contract such as Comex; the November contract settled near $49.03 ^[1].
3. London benchmark: a daily auction price used in contracts; it stayed just above $50 at Friday's midday auction ^[9].
4. Local rates: India quotes per kilogram in rupees and Turkey per gram in lira ^[6][7].
5. Time stamp: silver can move several percent in a day, so note the date and time of any quote ^[1].

One troy ounce is about 31.1 grams, so a kilogram is about 32.15 troy ounces.