The Silver market came close once more to the all-time high of $54.5 per troy ounce reached just four weeks ago, according to Carsten Fritsch, commodity analyst at Commerzbank.
However, a sharp intraday reversal erased much of the advance, with the metal sliding nearly 2%. Fritsch notes that the move was largely driven by a simultaneous decline in Gold prices, while the previous rally in Silver may have become overstretched. The drop also pushed the Gold/Silver ratio below 78, bringing it back toward its mid-October yearly low.
Silver on track for strongest weekly gain in five months
Despite Thursday’s pullback, Silver remains on course for its strongest weekly performance in five months. If the metal closes at $52 or higher today, it would mark the highest weekly closing price in history.
Support this week came from the International Energy Agency’s (IEA) outlook for a significant surge in global electricity demand over the next decade. Silver plays a critical role in power generation, grid infrastructure, and electric mobility—sectors expected to expand rapidly.
According to the Silver Institute, electrical and electronic applications now account for nearly 70% of total industrial Silver demand, underscoring the metal’s strategic importance in the global energy transition.
