UBS forecasts silver at $65 by September, $70 by year-end and $75 by June 2027, despite the metal remaining under heavy near-term pressure.

Silver extended its decline on Thursday, falling more than 3% to around $57.22 an ounce and trading close to the bottom of the day’s range.

The metal has now lost around 17% since the start of 2026, having fallen sharply from its January peak above $120.

UBS nevertheless expects the market to recover over the coming quarters.

The bank’s latest global forecasts put silver at $65 by September 2026, rising to $70 in December, $75 by March 2027 and remaining at that level in June 2027.

That implies upside of more than 30% from current levels, although the forecast path points to a gradual recovery rather than an immediate return to this year’s highs.

Silver fell steadily through Thursday’s session, with XAG/USD finishing close to its intraday low.

The outlook broadly tracks UBS’s bullish forecast for gold, although silver’s larger industrial component leaves it more sensitive to the global growth outlook.

Weak manufacturing demand, tighter financial conditions and a firmer Dollar can all weigh more heavily on silver than on gold, particularly during periods of risk aversion.

The latest price action remains fragile. XAG/USD is trading below both its 20-day and 50-day moving averages, while Thursday’s decline pushed the metal back towards the lower end of its recent range.

Silver Outlook: UBS Targets $75 by Mid-2027

UBS’s forecasts suggest the bank sees current weakness as temporary rather than the start of a deeper structural decline.

Its projected rise to $65 by September would mark the first stage of the recovery, with further gains expected as precious-metals demand improves and the drag from US interest-rate expectations begins to fade.

Silver remains down 17.1% in 2026 and well below its January high, although UBS expects prices to recover over the next year.

The immediate technical picture remains weak, but UBS’s $75 forecast indicates that the bank still expects silver to regain ground once monetary and investment conditions become more supportive.

Exchange Rates UK Research

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