Silver September futures opened above $69, marking an 18.2% month-over-month gain driven by bond buybacks and industrial demand.
Silver September futures opened at $69.34 per ounce on August 24, 2026, before slipping 0.3% to $69.29 in early trading. The metal reached its highest level since June 16, extending its month-over-month gain to 18.2%.
The rally has been fueled by the U.S. Treasury’s decision to double its long-term bond buyback program to $4 billion per session, sparking short-covering and speculative buying. Geopolitical tensions in the Middle East and persistent inflation have further bolstered demand for precious metals.
Silver’s outperformance also reflects a supply deficit and surging industrial demand, particularly from AI data centers, electrical grid upgrades, and advanced electronics. Mine production has struggled to keep pace with consumption, tightening physical inventory.