Silver has posted its best week since August, climbing 5.51% as precious metals rebounded after the Democrats' victories in the US midterm elections sent oil prices lower and eased inflation fears.

Front-month Comex silver for November delivery gained $2.7060 a troy ounce over the week to settle at $51.803, Dow Jones market data showed. It was the largest one-week net and percentage gain since the week ending 21 August 2026, and it snapped a three-week losing streak. Silver dipped 43 cents, or 0.82%, on Friday itself.

The metal had touched its 2026 settlement low of $49.097 an ounce on Friday 30 October. Silver is still down $18.331, or 26.14%, so far this year, and remains 54.99% below its record high of $115.08, reached on Monday 26 January 2026.

Gold rises alongside silver

Gold moved in the same direction. Front-month Comex gold gained $178.80 an ounce, or 4.60%, over the week to $4,064.50, with the metal also ending its week higher despite a Friday dip. The Wall Street Journal reported that precious metals gave back some of the previous two sessions' gains on Friday but still ended the week higher, as stepped-up diplomatic efforts in the Middle East and the midterm result pushed oil lower and tempered some inflation concerns.

Silver's rebound began on Wednesday 4 November, when it climbed back above $50 an ounce, rising about 3% from Friday's close near $49. Gold also moved back above $4,000 an ounce that day.

The week offered relief after a bruising run: silver had fallen below $50 last week for the first time since November 2025, and October brought its worst month since 2008 for gold and a slide of about 18% for silver.