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Silver Is Beating Gold Despite a Stronger Dollar—Is AI Capex the Missing Driver?
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Wednesday, September 23, 2026 at 04:37 AM UTC

Silver Is Beating Gold Despite a Stronger Dollar—Is AI Capex the Missing Driver?

Currency Pairs:💱 XAG-USD💱 XAU-USD
GoldUSASilver

TL;DR: Gold and Silver face the same stronger-Dollar, more-hawkish-Fed headwind this week, yet Silver is outperforming and pulling the Gold/Silver ratio to a three-month low—a divergence that lines up circumstantially with renewed AI capex enthusiasm rather than anything gold-specific.

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Silver Is Beating Gold Despite a Stronger Dollar—Is AI Capex the Missing Driver?