Silver held near $53 an ounce on Thursday 5 November, after a sharp two-day rally that followed the Democrats' sweep of the US midterm elections. Silver traded around $53.10 an ounce during Asian hours, according to FXStreet, gaining for a second successive day.

The metal had closed Wednesday at $52.24, up about 5% on the day, after rebounding from a low near $48.96. It touched $53.48 earlier on Thursday, its highest since 29 October, before easing to around $52.79 by the time of FXStreet's early-afternoon update at 13:47 UTC. Silver prices move quickly, so any figure here is time-stamped to the session named.

Weaker dollar lifts precious metals

Gold also rose, moving past $4,100 to a two-week high, as the dollar fell for a second straight session and Treasury yields eased. Traders bet that a divided US government could curb fiscal expansion and put pressure on the president to end the war with Iran, which also pushed oil prices down.

Silver remains well below its January record of $121.64 an ounce. The rally comes ahead of Dhanteras on 6 November, when gold and silver buying traditionally rises in India. Precious metal prices are not investment advice.

Sources: FXStreet, Silver Price Forecast: XAG/USD rises to near $53.00 amid election shift, weaker US Dollar, 5 November 2026; FXStreet, Silver Price Forecast: Lower highs keep XAG/USD under pressure despite recent rebound, 5 November 2026.