PRECIOUS METALS | Silver Seen Trading at $70 an Ounce in Q4, Then Easing to $65 by End-2027

Macquarie forecast that silver would trade around $70 per ounce in the fourth quarter of this year and fall back to $65 per ounce by the end of 2027. According to Jin10, Macquarie said profit-taking last month weighed on silver prices, and that price action has again been driven by macro factors as expectations for U.S. Federal Reserve rate hikes have strengthened. Macquarie said that, similar to gold, silver prices were expected to remain range-bound for the rest of this year before gradually trending lower in 2027. It added that inflation pressures and the possibility of further Fed rate hikes would limit additional upside. The firm said higher inflation and higher bond yields would increase downside pressure. It noted that silver, in particular, has outperformed gold as bullish sentiment has been supported by tightening supply, low inventories, and strong demand, making it more prone to a pullback. Historically, Macquarie said, silver pullbacks have tended to occur quickly.