Updated 8 November 2026, 00:30 GMT. Silver markets are shut for the weekend. Silver ended Friday 6 November at $51.89 an ounce at the New York close, up $2.82 or 5.75 percent from $49.07 a week earlier (Precious Metals International closing table). It held its ground on Friday while gold fell about 1 percent after the US added 165,000 jobs in October against about 65,000 expected. Verdict: silver ignored the jobs beat, but Tuesday’s October CPI report on 10 November decides whether the rebound from the 30 October low continues. Reference levels for the week: $49 below, $55 above.
Key facts
- Friday close: $51.89 an ounce in New York (Precious Metals International, 6 November). FXStreet put silver near $52.00, up 0.19 percent on the day, and the latest verified Thursday close was $51.72 (Rio Times).
- The week: up 5.75 percent from $49.07 on Friday 30 October, which was silver’s 12-month low (Precious Metals International, Rio Times).
- Jobs: nonfarm payrolls rose 165,000 in October against about 65,000 expected, unemployment fell to 4.1 percent from 4.2 percent and September was revised up to 60,000 (GoldSilver, Rio Times). Our desk covered the release in US Economy Adds 165,000 Jobs as December Fed Rate Hike Odds Rise.
- The Fed: the probability of a December rate hike rose to about 80 percent from about 75 percent after the data, citing CME FedWatch (GoldSilver).
- Dollar and yields: the dollar index rose about 0.7 percent to 102.2-102.3 and the 10-year Treasury yield reached about 4.87-4.88 percent (GoldSilver, Rio Times).
- Gold/silver ratio: about 77.9 on Friday, down from roughly 79 at Thursday’s close (GoldSilver).
- Next: US October CPI on Tuesday 10 November and PPI on Friday 13 November, both at 8:30 a.m. ET (FXEmpire).
Why silver held up when gold fell
A payrolls number almost three times the forecast is normally bad for precious metals. It makes a December rate hike more likely, lifts the dollar and raises the return on cash and bonds, none of which helps a metal that pays no interest. Gold followed that script on Friday and lost about 1 percent. Silver “barely moved, holding near $52”, GoldSilver reported, and its gold/silver ratio fell to about 77.9 from roughly 79.
The difference is industry. About 58 percent of silver demand comes from industrial use rather than investment, according to Silver Institute figures cited by GoldSilver. A stronger labour market points to a stronger economy and more factory demand, which partly offsets the rate effect. FXEmpire’s Christopher Lewis also noted that manufacturing added 19,000 jobs in October.
The weekly gain was mostly a rebound. Silver closed October at its 12-month low after falling about 18 percent in the month, as covered on our silver week-ahead page from 1 November. It recovered above $50 after the midterm elections and traded near $52.60 on Thursday, as our Thursday silver page reported. It is still far below its January record near $114.59 (Rio Times).
The week ahead: CPI on Tuesday
The October CPI report on 10 November is the main event. With payrolls strong, a hot inflation number would leave the Fed little reason to skip a December hike and would likely push the dollar higher again. Silver held up against one strong data point on Friday; a second would test that resilience. A soft reading would ease hike expectations and give silver room to extend the rebound.
Gold sets the tone too. Our gold week-ahead page has gold at $4,045 after Friday’s fall, with $3,990 and $4,135 as its reference levels. Silver usually moves further than gold in either direction.
Not every analyst is convinced by the bounce. Lewis titled his weekly forecast around high rates leaving further downside risk and said a move above $55 would be needed to turn bullish (FXEmpire, 6 November).
Levels to watch
Precious Metals International lists short-term support at $50.93, $47.05 and $44.98 for the week, and resistance at $53.00, $56.88 and $58.96. FXStreet’s Christian Borjon Valencia points to support at $48.96 and $48.62, the lows of Wednesday and Thursday, and resistance at $55.00, then $60.00, where the 50-day simple moving average sits. He noted that consecutive doji candles show buyers and sellers in balance, and that the RSI has turned flat.
Silver this week: bull, base and bear
| Scenario | Silver | What has to happen | Anchor |
|---|---|---|---|
| Bear | $49 | October CPI comes in hot, December hike odds move towards certainty and the dollar extends Friday’s gain. | FXStreet’s $48.96 support and the $49.07 12-month low of 30 October; about 5.6 percent below $51.89. |
| Base | $50.90-$53.00 | CPI is close to expectations and hike odds stay around 80 percent. | Precious Metals International’s first support ($50.93) and first resistance ($53.00). |
| Bull | $55 | CPI is soft, hike odds fall and the dollar gives back Friday’s gain. | The $55 level FXEmpire and FXStreet both name as the key resistance; about 6 percent above $51.89. |
The bear case sits below Friday’s close. These are reference levels measured from the verified Friday close, not forecasts.
What to watch this week
- Tuesday 10 November, 8:30 a.m. ET: US October CPI.
- Friday 13 November, 8:30 a.m. ET: US October PPI (FXEmpire).
- FedWatch: whether December hike odds hold near 80 percent or move higher after CPI.
- $50.93 and $53.00: the first support and resistance levels for the week (Precious Metals International).
- Gold/silver ratio: a further fall below 77.9 would show silver keeping its edge over gold.
Quick take: Silver closed Friday at $51.89, up 5.75 percent on the week and barely changed after a jobs report that knocked gold down 1 percent. Industrial demand helped it shrug off higher hike odds. Tuesday’s CPI sets the direction: $49 if inflation runs hot, $55 if it is soft, and $50.90-$53.00 if it lands close to forecasts.
FAQ
What is the silver price today?
Silver markets are closed for the weekend. Silver ended Friday 6 November at $51.89 an ounce at the New York close (Precious Metals International). Trading resumes on Sunday evening US time.
Did silver go up this week?
Yes. Silver rose $2.82, or 5.75 percent, from $49.07 on 30 October to $51.89 on 6 November (Precious Metals International).
Why did silver not fall after the jobs report?
About 58 percent of silver demand is industrial (Silver Institute via GoldSilver), so a strong economy supports it even when higher rate expectations weigh on gold. The gold/silver ratio fell to about 77.9 on Friday.
When is the next CPI report?
The US October CPI report is due on Tuesday 10 November 2026 at 8:30 a.m. ET, with PPI on Friday 13 November (FXEmpire).
What are the key silver levels this week?
Support at $50.93 and $48.96, resistance at $53.00 and $55.00 (Precious Metals International, FXStreet). The 12-month low is $49.07 from 30 October.
What is the silver record high?
Silver’s record is near $114.59 an ounce, set in January 2026 (Rio Times). Friday’s close is more than 50 percent below it.
Sources: Precious Metals International, 6 November (New York closing prices, weekly change, support and resistance); GoldSilver, 6 November (silver near $52, gold/silver ratio, payrolls, FedWatch odds, dollar and yields, Silver Institute demand share); Rio Times, 6 November (Thursday close, 12-month low, record high, dollar index, 10-year yield, payrolls); FXStreet (Christian Borjon Valencia), 6 November (Friday move, support and resistance, technicals); FXEmpire (Christopher Lewis), 6 November (manufacturing jobs, $55 threshold, CPI and PPI dates).
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Commodity prices are volatile. Do your own research and consult a licensed financial adviser before making investment decisions.
