Silver price charges to record high, tracking gold’s rally
Silver surged to a new all-time high on Wednesday, as the metal rode the coattails of the record-setting gold price rally.
Spot silver climbed as much as 3.4% to $49.55 per ounce, surpassing its record high from 1980.
Silver futures for December delivery also gained 3.2% to $49.20 per ounce in New York.
The precious metal is benefiting from the same factors driving gold to successive records in recent sessions, namely mounting political and economic uncertainty, strong central bank buying, and hefty inflows into exchange-traded funds.
“The silver market continues to tighten, with rising lease rates, as Comex stocks scale record highs and amid India’s seasonal demand strength. The recent rally has been supported by hefty ETP inflows,” Suki Cooper, global head of commodities research at Standard Chartered, said in a Reuters note.
With precious metals continuing to perform, HSBC has raised its average silver price forecasts for 2025 to $38.56 per ounce and for 2026 to $44.50, citing renewed investor demand and anticipated volatile trading.
Year to date, silver has seen its value rise by more than 65%, even surpassing that of gold.
(With files from Reuters)
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