NEW YORK — Silver rose $0.82 to $66.58 an ounce on Tuesday, even as markets approach the year’s most consequential week for Federal Reserve policy. Six days remain before the September 15–16 Federal Open Market Committee meeting, where the probability of another rate increase stands at 60%—a prospect that would ordinarily weigh heavily on a non-yielding metal priced in dollars. Yet XAG/USD continues to advance, driven by the same factor that has shaped precious-metals pricing since late August: uncertainty surrounding the Strait of Hormuz and silver’s industrial exposure, which distinguishes it from gold.
Silver traded at $66.58 per troy ounce on September 9, 2026, up 1.23% from Monday’s close of $65.76. The recovery comes after two measured sessions that followed India’s bullion market posting its biggest single-day IBJA jump of the series on September 8, a +5.4% catch-up absorbing the weekend Larak Island strike news. Silver’s September 7 session had closed at $65.90 as nonfarm payroll data from the prior Friday raised Fed hike odds from 33% to near 60%. Tuesday’s gain of $0.82 is the market’s verdict that the geopolitical bid is not done.
The defining event for silver this week is not in the Middle East. It is a Bureau of Labor Statistics building in Washington where August consumer price index data releases Thursday, September 11, at 8:30 a.m. ET. That report is the last major inflation reading before the Federal Reserve’s September 15-16 FOMC meeting, and it arrives with rate hike odds at 60% on CME FedWatch. A hot core CPI reading — above 0.3% month-over-month — pushes those odds past 75% and gives the dollar the catalyst it needs to press silver back toward $64. A soft print — below 0.2% — triggers a repricing that could carry XAG/USD toward $69 before the week ends. Silver on Tuesday is a bet placed before the most important coin flip of the quarter.
Silver Price Today, September 9, 2026 — XAG/USD Spot
| Session | Price (USD/oz) | Change (USD) | % Change |
|---|---|---|---|
| Sep 9 Open | ~$65.85 | — | — |
| Sep 9 High (intraday) | ~$66.94 | — | — |
| Sep 9 Low (intraday) | ~$65.72 | — | — |
| Sep 9 Last | $66.58 | +$0.82 | +1.23% |
| Sep 8 Close | $65.76 | -$0.14 | -0.21% |
| Sep 7 Close | $65.90 | -$0.31 | -0.47% |
| XAG/USD spot data, September 9, 2026. Source: COMEX/CME Group. Prices indicative; updated during active trading session. | |||
The U.S.-Iran confrontation that began with American strikes on Larak Island in late August has not been resolved, a development that matters particularly for silver in ways that a purely monetary safe haven such as gold captures only partially. The Strait of Hormuz carries roughly 20% of global liquefied natural gas and a significant share of seaborne petrochemical feedstocks—the precursor materials used in solar panels, electronics manufacturing, and electrical-grid infrastructure, all of which are silver-intensive end markets. When passage through Hormuz is disrupted or credibly threatened, silver’s industrial-demand outlook tightens alongside its monetary appeal. Iranian naval forces have not withdrawn from their forward positions in the Gulf, keeping the risk of disruption elevated into a second week.
That dual-demand dynamic—safe-haven demand combined with industrial supply-chain risk—helps explain why silver sharply outperformed gold during the two sessions following the Larak Island news. The gold-silver ratio narrowed to 65.9 on September 8 as silver initially led. It has since widened to approximately 66.9 on September 9, a modest reversal suggesting that the premium associated with the immediate shock has faded into a premium linked to continued monitoring. Silver has retained its gains from the Iran-related surge but is no longer leading gold.
COMEX Silver December Futures — September 9, 2026
| Field | Value |
|---|---|
| Contract | Silver December 2026 (SI Z26) |
| Exchange | COMEX, CME Group |
| Prior Close (Sep 8) | ~$65.89/oz |
| Sep 9 Open | ~$66.44/oz |
| Sep 9 High | ~$66.94/oz |
| Sep 9 Last | ~$66.70/oz |
| Change | +$0.81/oz |
| % Change | +1.24% |
| COMEX SI Z26 data, September 9, 2026. Source: CME Group. Futures carry premium to spot reflecting carry cost to December delivery. | |
XAG/USD 10-Day Trend — August 27 to September 9, 2026
| Date | Day | Close (USD/oz) | Change (USD) | % Change |
|---|---|---|---|---|
| Sep 9, 2026 | Tue | $66.58 | +$0.82 | +1.23% |
| Sep 8, 2026 | Mon | $65.76 | -$0.14 | -0.21% |
| Sep 7, 2026 | Sun* | $65.90 | -$0.31 | -0.47% |
| Sep 5, 2026 | Fri | $66.21 | -$0.46 | -0.69% |
| Sep 4, 2026 | Thu | $66.67 | +$0.30 | +0.45% |
| Sep 3, 2026 | Wed | $66.37 | +$2.50 | +3.91% |
| Sep 2, 2026 | Tue | $63.87 | -$4.08 | -6.00% |
| Aug 29, 2026 | Fri | $67.95 | +$0.45 | +0.67% |
| Aug 28, 2026 | Thu | $67.50 | +$0.55 | +0.82% |
| Aug 27, 2026 | Wed | $66.95 | — | — |
| *September 7 reference price; COMEX closed Sunday. Source: CME Group/COMEX. All prices are session closing prices unless noted. | ||||
The dollar’s posture on September 9 is nuanced. The DXY is marginally softer, pulled lower primarily by yen appreciation as Japan’s domestic inflation picture prompts renewed speculation about Bank of Japan policy rather than by any softening in the Federal Reserve’s own guidance. That distinction matters for silver: a dollar weakened by Fed caution is a structural tailwind; a dollar weakened by external cross-currency flows is a transient one. Chair Kevin Warsh has not spoken publicly since the July 29 meeting where three members voted to hold. Thursday’s CPI print will likely produce the most consequential response. The CME FedWatch tool shows markets pricing 60% for a hike as of September 9, with roughly 40% on a hold.
US Macro Context — September 9, 2026
| Indicator | Value | Impact on Silver |
|---|---|---|
| August NFP (Sep 5 release) | +162,000 vs ~57,000 forecast | Bearish — strong beat raised hike odds from 33% to 60% |
| Fed Hike Probability (Sep 15-16) | ~60% (CME FedWatch) | Bearish cap — limits further upside |
| August CPI Release | Sep 11, 8:30 a.m. ET | Binary catalyst — soft print bullish, hot print bearish |
| Dollar Index (DXY) | Marginally softer (yen-driven) | Modest tailwind; not a Fed-driven dollar retreat |
| US-Iran Status (Larak Island) | Ongoing; no de-escalation | Bullish floor — Hormuz disruption risk sustained |
| Fed Funds Rate (current) | 3.50-3.75% | Post-July 29 hike; three FOMC members dissented to hold |
| Sources: Bureau of Labor Statistics (BLS), CME Group FedWatch. NFP = nonfarm payrolls. FOMC = Federal Open Market Committee. | ||
Silver has outperformed gold on a year-to-date basis in 2026, a run that reflects both the structural bull market in precious metals and the added amplification that industrial-demand exposure provides when supply-chain risk is elevated. Year to date, XAG/USD is up approximately 22% from the $54.50 range where the year began. Gold has gained approximately 18% over the same period. The ratio widening since September 8 — from 65.9 back to 66.9 — is a one-session reversion inside a longer trend that has seen silver substantially close the discount from the 80-plus range where the ratio stood eighteen months ago.
The 52-week range for XAG/USD spans from approximately $47.20 to a high of $72.40, reached in late June when Iranian maritime activity first raised serious Hormuz questions. Tuesday’s $66.58 sits roughly 8% below that high and 41% above the 52-week low — a position that reflects a market that has priced in a substantial premium for geopolitical risk but not an unbounded one. The premium at stake between next week’s FOMC and Thursday’s CPI amounts to approximately $5 to $10 per ounce in either direction, which is why the Indian bullion market’s September 9 session, which references the same XAG/USD price via the USD/INR rate and the IBJA benchmark, is tracking the same two calendared events.
Silver Market Context — September 9, 2026
| Metric | Value |
|---|---|
| XAG/USD (Sep 9) | $66.58/oz |
| XAU/USD (Gold, Sep 9) | ~$4,455/oz |
| Gold-Silver Ratio (Sep 9) | ~66.9 |
| Gold-Silver Ratio (Sep 8) | 65.9 |
| XAG/USD YTD Change | +22% (from ~$54.50) |
| XAU/USD YTD Change | ~+18% |
| 52-Week Low (XAG/USD) | ~$47.20 |
| 52-Week High (XAG/USD) | ~$72.40 (late June 2026) |
| Source: COMEX/CME Group spot data. YTD = year-to-date from January 2026 open. Gold-silver ratio = XAU/USD divided by XAG/USD. | |
Silver’s outlook through the September 15-16 FOMC meeting runs through two specific events in six days. Thursday’s CPI print is the first: a soft core reading below 0.2% month-over-month shifts the conversation from hike confirmed to hike deferred, which would reprice silver upward fast, with $70 as a credible near-term target. A hot reading above 0.3% locks in the hike and sends the dollar higher, with XAG/USD likely pulling back toward $64 to $65. The FOMC decision itself on September 16 is the second pivot: Chair Warsh has not signaled explicitly, and the three dissenters who wanted to hold at July 29 introduce meaningful uncertainty into what markets are pricing as a base case. A surprise hold would be the most bullish single catalyst silver could receive through September 19.
The Iran floor matters but is not absolute. If de-escalation signals emerge simultaneously with a hot CPI — a scenario where geopolitical and monetary forces both turn bearish at once — XAG/USD has meaningful downside toward $62 to $63. That combined scenario is not the consensus view, but it is the tail risk that options markets have been pricing since the Larak Island strikes elevated realized volatility in silver. Tuesday’s bid at $66.58 is an implicit statement that buyers do not expect both forces to reverse at the same time.
Frequently Asked Questions
What is the silver price today on September 9, 2026?
Silver is trading at $66.58 per troy ounce on September 9, 2026, a gain of $0.82 or 1.23% from Monday’s close of $65.76. COMEX December silver futures are near $66.70, trading at a modest premium to spot.
Why is silver rising on September 9, 2026?
Silver is rising on September 9 because ongoing US-Iran tensions near the Strait of Hormuz sustain both safe-haven and industrial demand bids, while the dollar is marginally softer on yen strength pulling DXY lower. The gains persist despite Federal Reserve rate hike odds of approximately 60% for the September 15-16 FOMC meeting.
What is the XAG/USD price forecast for this week?
XAG/USD faces a binary outcome this week. If Thursday’s August CPI (September 11, 8:30 a.m. ET) comes in soft below 0.2% month-over-month, silver could test $69 to $70 before the Fed meeting. If CPI runs hot above 0.3%, silver faces a pullback toward $64 to $65 as Fed hike odds exceed 75%.
What is the COMEX silver price on September 9, 2026?
COMEX December silver futures opened near $66.44 on September 9, 2026, with an intraday high near $66.94. The futures contract trades at a modest premium to spot, reflecting carry costs through the December delivery date. The prior session close was approximately $65.89.
What is the gold-silver ratio today, September 9, 2026?
The gold-silver ratio is approximately 66.9 on September 9, 2026, widening slightly from 65.9 on September 8. The widening reflects gold modestly outperforming silver as the initial Iran shock transitions from the acute-spike phase to a sustained monitoring phase, partially restoring gold’s traditional safe-haven premium.
When is August CPI released and why does it matter for silver?
August CPI data releases Thursday, September 11, 2026, at 8:30 a.m. ET from the Bureau of Labor Statistics. It is the last major inflation reading before the September 15-16 FOMC meeting. A soft core print could shift Fed hike probability below 50%, which would be a significant bullish catalyst for silver. A hot reading above 0.3% month-over-month would likely confirm the rate hike and push XAG/USD toward $64.
When does the Federal Reserve meet in September 2026?
The Federal Reserve’s Federal Open Market Committee meets September 15-16, 2026. The CME FedWatch tool shows approximately 60% probability of a rate hike at that meeting as of September 9. Fed Chair Kevin Warsh presides. Three committee members dissented in favor of holding at the July 29 meeting, introducing genuine uncertainty into what markets are pricing as a near-certain hike.
Closing Update
This article will be updated with the silver closing price and any significant developments on Iran or Federal Reserve guidance as they emerge during the September 9, 2026 COMEX trading session.
