September silver futures climbed to $59.38 in early trading despite industrial and investor demand declines amid a multiyear supply deficit.
Silver September futures rose to $59.38 per ounce in early trading on July 21, 2026, recovering from an opening price of $56.71, down 0.6% from Monday’s close. The metal’s gains contrast with waning industrial and investor demand, driven by high prices and expectations of prolonged elevated interest rates.
Silver’s year-over-year price remains up 45.4%, though this marks a sharp slowdown from the 173.3% surge recorded in mid-May. Factory demand has fallen by double digits in some sectors, while mining output continues to lag usage for the sixth consecutive year, as silver is primarily a byproduct of other metals.
Investors appear hesitant to drive prices higher without clarity on U.S. monetary policy, despite the metal’s persistent supply shortage.