Silver (SI=F) September futures opened at $64.87 per ounce on Wednesday, August 12, 2026, down 0.1% from Tuesday's closing price. However, silver continued to climb during morning trading, reaching $66.49 as of 7:45 a.m. ET.

Silver prices surpassed $66 for the first time since June, ahead of the July Consumer Price Index (CPI) report that many analysts expect will show inflation conditions eased in July compared to June. The CPI report, released monthly by the Bureau of Labor Statistics, is one of the most closely watched inflation gauges by both the Federal Reserve and financial markets, often triggering sharp moves across asset classes including precious metals.

Given the Federal Reserve's dual mandate of stable employment and controlling inflation, a modest CPI report—particularly one showing that "core" CPI remains under control—would reduce the likelihood of a Fed rate increase in September, which could support further short-term growth in silver prices. Precious metals like silver are non-yielding assets, meaning they do not pay interest or dividends; when rate-hike expectations diminish, the opportunity cost of holding such assets decreases, which can make them comparatively more attractive to investors.

Current Silver Price

Silver futures opened on Wednesday, August 12, 2026, at $64.87 per ounce, 0.1% below Tuesday's close. The following figures show how the opening price has changed compared to prior periods:

• One week ago: +3.9%
• One month ago: +8.2%
• One year ago: +72.8%

For additional context, silver's year-over-year growth stood at 173.3% on May 14.

Silver's current price can be tracked on Yahoo Finance 24 hours a day, seven days a week.

Silver vs. Gold: Historical Performance

Over the past 50 years, gold has outperformed silver in terms of long-term returns. Since the 1970s, prices of both metals have risen dramatically, but their roles in the economy and their long-term performance differ significantly.

Governments and investors widely regard gold as a store of value. Central banks maintain substantial gold reserves to safeguard their economies against global inflation and geopolitical crises. Gold is also extensively used in jewelry production.

Silver, while far more abundant in supply than gold, has a broader range of applications. It plays a significant role in manufacturing and industrial production, with companies using silver to produce solar panels, electronics, and medical devices. Global solar energy capacity expansion has been a notable driver of silver's industrial consumption, as photovoltaic cells require significant silver inputs. This industrial demand can influence silver prices, contributing to more pronounced price swings compared to gold.

Factors Behind Silver's Recent Surge

Silver prices have more than tripled over the past year, even accounting for a recent sell-off. Gold and silver prices have both been climbing, with silver increasing by more than 100% year to date.

Silver can be significantly more volatile than other assets, and its industrial demand adds an additional layer of price sensitivity. The gold-silver ratio—a widely referenced metric comparing the relative prices of the two metals—has fluctuated considerably during this period, reflecting silver's sharper percentage moves relative to gold. Investors considering silver should understand the available investment options, associated risks, and where to purchase the metal.

Price Context and Year-to-Date Movement

The precious metal's value has seen substantial movement throughout 2026. After hitting a year-over-year growth rate of 173.3% on May 14, silver has continued to trade at elevated levels. The August 12 morning high above $66 marks the first time silver has reached that threshold since June.

The upcoming July CPI report remains a key catalyst for near-term price direction. Market participants are closely watching whether inflation data will reinforce or challenge expectations for the Federal Reserve's September policy decision. Beyond the CPI release, subsequent labor market data and Fed communications— including minutes from Federal Open Market Committee meetings—will also factor into the rate outlook that has underpinned precious metals demand.

Source: Yahoo Finance