Silver prices surged to a new all-time high, exceeding $115 per ounce, showing a remarkable increase of nearly 12%. This rise dramatically outpaced gold and other risk assets. The surge can be attributed to a number of factors including restricted physical supply, strong retail demand, and buying driven by market momentum.
In China, silver prices have been observed trading at a premium compared to benchmarks in London, indicating potential for continued growth in the near term. However, the elevated price levels could lead to a slowdown in industrial demand.
Gold is also seeing continued strength as it reinforces its status as a safe haven amid rising geopolitical tensions and unstable economic policies. Prices for gold have surpassed $5,000 per ounce and have briefly approached $5,100, representing an approximate 2% increase throughout the day.
The involvement of central banks in the gold market continues to be a significant influence, with many institutions diversifying away from traditional reliance on the US dollar by increasing their gold reserves. Investors are closely monitoring the trade tensions involving the United States, the potential for coordinated currency interventions by US and Japanese authorities, and the political pressure that is building on the Federal Reserve ahead of its upcoming policy meeting.
Analysts from Societe Generale predict that gold could reach $6,000 per ounce by the end of the year. In a similar vein, Morgan Stanley has identified a bullish scenario where prices could climb to about $5,700. Since late 2025, both silver and gold have consistently reached new record highs, with silver taking the lead in this upward trend.