Silver climbed back above $65 per ounce in early trading on Friday, August 14, 2026, as soft inflation reports earlier in the week led many investors to lower their expectations for a Federal Reserve rate increase in September.

September silver (SI=F) futures opened at $64.63 per ounce on Friday, down 0.6% from Thursday's closing price. After the weaker open, prices moved higher through the morning, reaching $65.14 per ounce as of 8:03 a.m. ET.

Rate expectations shift after soft inflation data

Weaker-than-expected inflation readings this week have reshaped the outlook for the Fed's September meeting. According to the most recent figures in CME Group's FedWatch tool, there is a 69.4% chance the Fed will hold rates steady in September, while 30.6% of economists still expect a 25-basis-point increase next month. The FedWatch tool derives its probabilities from pricing in the federal funds futures market, where traders position around expected Fed moves.

Compared with one month ago, the change in expectations is substantial. At that point, 42% expected the Fed to keep rates unchanged in September, 50% expected a 25-basis-point increase, and 8% thought the Fed would raise rates by 50 basis points.

Silver prices are holding firm thanks to the rising "no-hike" majority, Yahoo Finance reported, because precious metals such as silver do not pay interest. Related Yahoo Finance coverage noted that July PPI inflation cooled to 4.7%, a reading with implications for the Fed and interest rates. The next focal point for traders is the Fed's September policy decision itself, and the FedWatch odds can continue to shift as any additional economic data is priced in between now and then.

Silver also differs from gold in one important respect: alongside investment demand, a substantial share of the metal is consumed by industrial applications such as electronics and solar panels, so its demand base extends beyond rate-sensitive investors.

Current price of silver

The opening price of silver futures on Friday, August 14, 2026, was 0.6% lower than Thursday's closing price. Measured against Friday's opening price, silver's changes over longer periods are as follows:

• Versus one week ago: +1.6%
• Versus one month ago: +12.1%
• Versus one year ago: +70.2%

For context, silver's year-over-year growth was 173.3% on May 14 — meaning the annual pace of gains has slowed markedly since mid-May even as the metal holds above $65.

The current price of silver can be monitored on Yahoo Finance 24 hours a day, seven days a week. The Yahoo Finance Screener also lists top-performing companies in the silver industry and allows users to build custom screeners with more than 150 different screening criteria.

Investing in silver: how taxes work

Do you have to pay taxes on silver? Yes. Silver is a capital asset, so when it is sold for more than was paid, the gain is taxable and is reported on Schedule D of the federal return.

Many investors assume that holding silver for more than a year qualifies them for the same long-term capital gains rates that apply to stocks (0%, 15% or 20%). It does not.

The 28% collectible rate

The IRS classifies physical precious metals — including bars, rounds, and coins — as collectibles. That classification changes the tax math considerably.

Short-term gains. If silver is held for one year or less, the profit is taxed as ordinary income. Depending on the taxpayer's tax bracket, that rate could go as high as 37%.

Long-term gains. If silver is held for more than one year, the gain is taxed at the ordinary income rate — but at no more than 28%.

In practice:

• Taxpayers in the 10%, 12%, 22% or 24% brackets pay that same rate on their silver gains.
• Taxpayers in the 32%, 35% or 37% brackets are capped at 28%.

A middle-income earner accustomed to paying 15% on stock gains may therefore owe 22% or 24% on silver gains, depending on adjusted gross income. For taxpayers in the top brackets, the 28% cap is technically a discount versus the 35% or 37% ordinary rates — but it remains higher than the 20% maximum long-term capital gains rate on stocks. That difference adds up quickly on five- and six-figure gains.

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Source: Yahoo Finance