Logan’s Hawkish Remarks and Escalating Geopolitical Conflicts Send Silver Prices Tumbling Below Support [SMM Daily Review]

Published: Jul 17, 2026 10:26

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[SMM Daily Review: Logan's Hawkish Stance and Escalating Geopolitical Conflicts Drive Silver Prices to Break Below Support] SMM July 17 news: Fed voter Logan sent hawkish signals, and with geopolitical conflicts in the Middle East continuing to escalate, precious metals fell under pressure, with silver breaking below support. In the spot market, supply and demand were both weak, transactions remained sluggish, and premiums held steady near parity.

Today's SMM 10:00 AM fix for the Shanghai Gold Exchange Ag (T+D) was 13,427 yuan/kg, with the premium/discount range quoted at TD-5 to +5 yuan/kg, at an average of 0 yuan/kg.

Macro front, FOMC voting member Logan stated that a modest rate hike now would help better balance the economic outlook and risks, and that small tightening now is better than being forced into large hikes later, continuing to send hawkish signals. Geopolitically, the US military conducted airstrikes on Iran for the fifth consecutive night, targeting airports, railways, and bridges, while the Houthis threatened to blockade the Bab el-Mandeb Strait. Precious metals remained under pressure, with silver breaking down through key support levels.

Spot market, the supply-demand stalemate continued today, with downstream buyers mostly negotiating prices; suppliers' high-end offer centers continued to edge lower. As the weekend approached, shipment sentiment was weak, and the tug-of-war between sellers and buyers remained stagnant. Morning quotes in Shanghai were mainly concentrated at TD parity to +5 yuan/kg. In Shenzhen, some national-standard sources were clustered around TD-5 yuan/kg to parity. Overall transactions were thin; although low-priced cargoes existed in the market, their disruption was limited. Premiums and discounts quoted against the most-traded SHFE 2608 contract were at a discount of 30 to 10 yuan/kg today.

Overall, Logan's hawkish remarks served as the primary driver for the decline in silver prices yesterday, compounded by escalating geopolitical conflicts, keeping precious metals under pressure. Spot premium offers held steady near parity, as supply-demand balance remained weak and transactions stayed sluggish.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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