Silver prices soared to record highs in Wednesday’s Asian session, benefiting from strong safe-haven demand amid growing uncertainty about the health of the US economy.
Spot silver rose 2.3% to a record high of $65.3415 per ounce, while silver futures jumped 3.6% to $65.640 per ounce.
Other precious metals – specifically gold and platinum – also advanced on Wednesday. But silver maintained its best performance amid a storm of positive signals for the metal.
Markets are positioning themselves for a possible silver supply deficit in 2026 amid growing demand for the white metal. Silver was designated a critical metal by the US government earlier this year, increasing its appeal.
Operators seeking refuge also bought silver, as the white metal offers stability comparable to gold, but with a much lower entry cost. This trading also supported silver prices this year, with the metal trading more than 100% higher so far in 2025.
The demand for safe havens was driven by a mixed set of US economic readings on Tuesday, mainly non-farm payrolls and a higher unemployment rate. Attention now turns to upcoming consumer price index inflation data for further clues about the world’s largest economy.
Source: Investing.com
