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Silver rose about 11.3% in the week of May 4-8, 2026, from about $73.50 an ounce on Monday to a high of $81.86 on Friday morning, outpacing gold.
The gain followed a Silver Institute forecast of a record supply deficit and U.S. economic data that raised expectations of earlier Federal Reserve rate cuts. The gold/silver ratio fell during the week.
Weekly snapshot
Silver started the week under pressure after a broader correction in metals and traded near $73.50 on Monday, May 4. Buying picked up midweek as physical demand and softer U.S. data drew investors in.
By Friday morning the metal had reached $81.86, its weekly high. Metal Sentinel's silver price API tracks moves of this size with quotes refreshed every 15 seconds.
Market drivers
1. A record supply deficit
The Silver Institute said the global silver market faces its sixth consecutive annual deficit, projected at a record 215 million ounces for 2026.
Silver is being drawn from Comex and London Bullion Market Association vaults to meet industrial demand while mine production lags.
2. AI and solar demand
Silver's industrial demand comes from high-performance computing and the expansion of solar photovoltaic capacity, which has made that demand less sensitive to price. That demand has supported silver independently of the currency and rate factors that drive gold.
3. Weaker jobs data and the Fed
Expectations for the U.S. nonfarm payrolls report were cut to 62,000 jobs ahead of its release. A cooling labor market raises the chance that the Federal Reserve cuts rates sooner than expected.
Lower rates tend to weaken the dollar and reduce the cost of holding silver, which pays no interest.
Technical outlook
Support: Silver broke above $80, which now acts as support for short-term pullbacks.
Resistance: The next resistance is $85, followed by the January highs near $91.
Conclusion
Silver outperformed gold during the week on a combination of a record projected deficit and rising industrial demand. Its wider daily ranges mean it moves further than gold in both directions.
Metal Sentinel's silver price API publishes spot, fineness and historical silver prices in more than 180 currencies.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Precious metals trading involves significant risk.