The price of silver soared to a record $67.55 per ounce, demonstrating the strongest annual growth since 1979. Gold followed suit, approaching its peak, confidently holding near the $4363 mark. This is reported by Bloomberg, writes UNN.
Details
Investors are massively buying up precious metals as a "safe haven" due to two key factors:
- Geopolitical chaos: the intensification of Venezuela's oil blockade by the US and Ukraine's first attack on a Russian "shadow fleet" tanker in the Mediterranean Sea fueled demand for protective assets.
- Bets on the Fed: the market expects the US Federal Reserve to cut interest rates twice in 2026. Donald Trump also insists on this, advocating for aggressive monetary policy easing.
Analyst forecasts
Goldman Sachs experts predict that the rally will continue next year, setting a base target for gold at $4900 per ounce. According to them, ETF investors are now literally starting to compete with central banks for limited physical reserves of bars.
For silver, the situation is even more acute: in addition to speculative demand, the price is pushed up by the supply deficit that has persisted since the October "short squeeze". Currently, silver has more than doubled in price compared to last year.
As of 8:27 AM in Singapore, the price of silver rose by 0.5% to $67.46. The spot price of gold rose by 0.5% to $4,363.21 per ounce, close to the record high of over $4,381 in October. Platinum rose after a 2.5% increase on Friday, and palladium by 1.5%.
Silver price soars to historic $65 per ounce due to a set of "perfect" conditions17.12.25, 22:27