Silver price soars, capping stellar year for precious metals
Silver bars are stacked in the safe-deposit box of the Pro Aurum gold house in Munich, Germany, January 10, 2025.
Angelika Warmuth | Reuters
Silver futures rose as much as 5% early Tuesday, continuing the roller-coaster ride into 2025 for precious metals.
Silver Futures for March delivery were at $73.955 an ounce at 9 a.m. London time (4 a.m. Eastern time), up 5% from last trade, bringing year-to-date gains to 153%.
Silver prices increased significantly in 2025.
Silver futures hit $80 an ounce for the first time, reaching a record high through Monday. However, the gains quickly evaporated and the metal recorded its biggest single-day decline since February 2021, ending the session down 8.7%.
“This is a historic move,” KKM Financial CEO Jeff Kilburg said Monday. “We haven’t seen such a move in a long time.”
Gold futures also rebounded from Monday’s sharp sell-off and were last traded up 0.9% at $4,381.70 per ounce.
Meanwhile, copper Futures were last up 2.1% to $5.6805 per ounce.
Precious metals had an excellent year due to many factors. Gold and silver are seen as safe-haven assets, popular among investors during times of rising geopolitical tensions. These are also seen as protection against inflation. The weakening of the US dollar makes metals cheaper and more attractive to foreign buyers.
Silver is also widely used in electronics, especially in solar panels, data centers, and electric vehicles.
Over the weekend, Elon Musk, CEO of EV manufacturer Tesla Published on X “silver is needed in many industrial processes,” likely causing prices to rise even further.
— CNBC’s Sarah Min contributed to this report
