Silver retreats on Tuesday 28 July ahead of the Fed decision, with the ounce at $57.55

Silver futures for September delivery opened at $58.74 an ounce on Tuesday, 28 July 2026 (6 Mordad 1405), 0.1 percent above Monday's closing price. As morning trading progressed the price moved lower, standing at $57.55 at 7:50 a.m. US Eastern time.

Despite the daily retreat, silver's opening price was 4.3 percent above last week and 54.1 percent above a year earlier. Tuesday's decline came as the Federal Reserve's two day meeting opened, with its interest rate decision due on Wednesday, 7 Mordad (29 July), the same factor that pulled gold lower on the day.

Silver matters for Iran's market both as an alternative precious metal and through industrial demand, and its direction usually tracks global gold. In Monday's trading on 5 Mordad, silver had approached the $60 mark.