CC/07-29Wednesday 29 July 2026The Gold & Metals Desk · Gold & Metals Desk · New York

Gold & Metals Desk · New YorkGold & Metals · CC/07-29

Silver backs off $60 as the white metals cool

Silver traded near $57.90, off the $59 handle it wore on Monday; platinum slid to about $1,597 and palladium to roughly $1,248. The month's white-metal run paused into the Fed.

By The Bullion Desk29 July 2026Brief 30 sec · Full read 2 min

PLATE IThe number

$57.90

silver / oz

Off the highs, still up on the year

Silver / Oz$57.90

Palladium (÷21)$1,248

Platinum (÷27)$1,597

Source the white metals

What changed

The white metals spent July running and chose the eve of the Fed to catch their breath.

What it means · The Desk’s View

Treat this week's dip as a pause in a strong year, not a top, and plan the case for both silver at $55 and silver back through $60. The white metals have decoupled from the jewelry counter this cycle, and a maker who prices them like gold — steady, slow, demand-led — will be wrong-footed by how quickly they can turn.

The article3 sections · 248 words

Table I · Off the highs, still up on the year

	Figure
Silver / Oz	$57.90
Palladium (÷21)	$1,248
Platinum (÷27)	$1,597

Spot, July 29 2026. Palladium and platinum scaled to silver for comparison. Carat Capital graphics desk. CC/2026/142

IThe $60 that slipped away

Silver, which touched an intraday $60.11 earlier in the month and sat above $59 as recently as Monday, traded near $57.90 an ounce on Wednesday — still up more than half over twelve months, but about two percent below where it stood a month ago.

The $60 that looked inevitable a week ago is back to being a target rather than a floor.

Platinum and palladium told the same story in a different register. Platinum eased to roughly $1,597 from the $1,610 area it held after Monday's jump, and palladium slipped to about $1,248 from the $1,268 it printed to start the week.

Neither move was violent; both simply gave back a slice of a rally that had run ahead of the physical story underneath it.

IIA deficit that isn't a jewelry story

That physical story remains split. The World Platinum Investment Council still counts a fourth consecutive annual platinum deficit, but the same accounting shows jewelry demand down about twelve percent, so the shortfall is an investment-and-industrial tale rather than a jewelry one.

Silver keeps riding solar and electronics demand more than it rides the ring counter, which is why its chart looks less like gold's and more like a growth metal's.

IIIPriced for a season, built to lurch

For the bench the cool-down is welcome. A silver price that lunges at $60 forces constant repricing on chains and findings; a silver price that idles in the high fifties lets a manufacturer quote a season.

The risk is asymmetric, though — a dovish read of the Fed or a fresh supply scare could send silver back at $60 in a single session, and the metals that move fastest up tend to move fastest down.