Silver prices under pressure: why both UBS and HSBC are bearish? Industrial demand is the key variableIn May 2026, the silver market is undergoing a pricing revaluation driven by a high degree of convergence in institutional views. In recent research reports, UBS, HSBC, and Macquarie have collectively released bearish signals—a situation that is uncommon in the precious metals space. As of May 28, 2026, according to [Gate TradFi](https://www.gate.com/zh/tradfi) market data, XAG is quoted at $73.9, slightly rebounding from the intraday low of $71.7, with the 24-hour decline narrowing to 1%. Compared with the extreme volatility on January 28, 2026, when it broke above $120 per troy ounce and then crashed by nearly 30% in a single day, the current price has fallen back into a relatively low range.