Silver rose 4% in Wednesday trading as the dollar and U.S. Treasury yields fell after the Associated Press projected Democratic control of both chambers of Congress.
Reuters put spot silver at $51.74 per troy ounce at 2:18 a.m. ET (07:18 UTC) on Wednesday, Nov. 4. That was an intraday reading, while the election calls remain projections pending certification.
The dollar touched a one-month low, Reuters reported. Because silver is priced in dollars, a weaker U.S. currency can lower its cost in other currencies if the metal’s dollar price stays the same. Capital.com senior financial market analyst Kyle Rodda told Reuters that lower yields and a weaker dollar had also helped gold.
The Silver Institute forecasts a global silver supply deficit of 46.3 million troy ounces in 2026, with mine production little changed from 2025. It expects industrial demand to decline 3%, chiefly because of a further slowdown in demand from the solar sector. Coin and net bar demand is projected to rise 18%.
The institute said 2025 was the fifth consecutive year of a market deficit. It expects higher prices to weigh on jewelry and silverware demand in 2026.
The U.S. Bureau of Labor Statistics is scheduled to release third-quarter productivity and costs Thursday, Nov. 5, at 8:30 a.m. ET (13:30 UTC). Its next jobs report, covering October, is due Friday, Nov. 6, at the same time. Reuters reported that investors are watching the jobs figures for clues to the Federal Reserve’s interest-rate path.
