Silver Holds Near $60 as CPM Group Flags Possible August Pullback

A Kitco News update published on July 31, 2026 reported that silver prices have continued to trade in a tight range near the $60-an-ounce level in recent sessions. The update accompanied a broader precious metals market report from Jeffrey Christian of CPM Group, which covered gold and silver market dynamics, COMEX positioning, and macroeconomic drivers including inflation, economic growth, Federal Reserve interest rate policy, and rising risks in equity markets. Christian explained that gold and silver could see softness during the first two to three weeks of August, though CPM Group's broader view is that both metals may face short-term pressure before potentially strengthening again later in the year. The report also addressed technical dynamics within the COMEX gold market, the same exchange complex where silver trades. It noted that the August COMEX gold futures roll is now largely complete, with open interest in the August contract falling from 27.5 million ounces at the end of June to 2.7 million ounces, as most positions shifted into the December contract. Separately, the report addressed claims of an imminent shortage in COMEX gold inventories, stating that such claims do not align with available data. Regarding recent price levels, data referenced from Investing.com show that silver futures closed the prior session on July 31, 2026 in a trading range between 57.515 and 58.700, down 2.08% on the day, with a 52-week range spanning from 36.960 to 121.785. This report is presented as market commentary and data only, and does not constitute investment advice or a recommendation to buy, sell, or hold silver.