On March 23, 2026, the global gold market witnessed a sharp drop, with London Gold spot price plummeting below the $4350 per ounce mark, touching an intraday low of $4101 per ounce and dropping by 8.15% on the day. As a sister precious metal, silver was immediately affected, with London Silver spot price falling to $64.905 per ounce, a decrease of $3.16 or 4.64% compared with the previous trading day, showing a more volatile trend than gold.
The linkage between gold and silver prices is rooted in their common precious metal attributes. As the “anchor” of precious metals, the sharp drop in gold prices triggered a collective sell-off in the precious metals sector, with funds withdrawing from non-interest-bearing precious metals such as silver due to the Federal Reserve’s hawkish stance and fading interest rate cut expectations. Unlike gold, which is mainly driven by hedging demand, silver has dual attributes of precious metals and industry, so it is under double pressure: in addition to following gold’s decline, its industrial demand is also suppressed by concerns about economic slowdown.
For the subsequent trend of silver prices, the short-term volatility will further increase, and it is expected to hover around $62-$66 per ounce. The Fed’s monetary policy and the Middle East situation will still be the key influencing factors; in the long run, the global silver market has been in a structural deficit for six consecutive years, and the rising industrial demand from the photovoltaic and new energy vehicle industries will provide strong support for silver prices, which is expected to recover gradually.
For the European and American silver jewelry market, the impact is more direct. The sharp drop in silver prices, coupled with the decline in gold prices, has aggravated consumers’ wait-and-see mood. However, the retail price of silver jewelry has not dropped synchronously due to design and craftsmanship premiums. For brands, the decline in raw material costs provides room for promotion, and minimalist silver jewelry favored by young people may become a breakthrough to stimulate consumption, while the underdeveloped silver recycling market also weakens its investment appeal to some extent.
