Silver (SI=F) drops over 20% month-over-month as geopolitical risks and inflation fears weigh on precious metals.
Silver July futures opened at $55.83 per ounce on July 17, 2026, down 0.6% from Thursday’s close, before slipping further to $55.58. The decline marks an eight-month low for the metal, driven by intensifying U.S.-Iran hostilities and rising inflation concerns.
Prices have fallen 20.6% over the past month and 6.9% week-over-week, though they remain 47.5% higher year-over-year. A year ago, silver’s annual growth peaked at 173.3%. The Fed’s potential rate hikes to combat inflation are expected to pressure silver further.
Oil prices surged 13% in five days as U.S. airstrikes in Iran continue, disrupting Strait of Hormuz shipping. Iran’s refusal to cede control of the strait has prolonged the conflict, amplifying market volatility.