The price of silver for immediate delivery is at another record high, shortly before 9:00 a.m. CET, showing a 1.3 percent increase above $61.40 (CZK 1,278) per troy ounce (oz; 31.1 grams). Demand from technology companies remains high. At the same time, the US Federal Reserve (Fed) is expected to cut its base interest rate, which usually helps precious metals and weakens the dollar.
Price growth on the spot market
On Tuesday, the price of silver on the spot market exceeded $60 per ounce. On the spot market, precious metals are sold and bought for immediate delivery, making it a sensitive indicator of current demand and availability. Investors are therefore closely monitoring this development, as it may signal broader trends in industry and the global economy.
Gold had already climbed to a record high earlier and is continuing to do well this week. Concerns about the impact of US import tariffs and the global economic outlook are growing, which traditionally increases interest in safe assets. Investors are therefore seeking security in precious metals, which often serve as a stable store of value in times of increased uncertainty.
Reasons for growth and future outlook
“People expect strong industrial demand for silver in the coming years, which is why the price of silver has risen,” said Fawad Razaqzada, an analyst at City Index and FOREX.com. He added that purchasing momentum is currently strong.
By 2030, industrial demand will be driven by sectors such as solar energy, electric vehicles and their infrastructure, data centers, and artificial intelligence (AI), according to the Silver Institute. The price of silver is also being pushed up by persistently low supplies and declining global stocks. The fact that the United States has included silver on its list of strategic minerals is also contributing to the price increase, according to Reuters.
Source: ÄŒTK
