Silver prices climbed sharply on Thursday, reaching their highest level since 2012 as part of a broader rally in precious metals that has defined markets in 2025, CNBC reports.
Silver futures rose as high as $36.27 per troy ounce in early trading and were last seen up more than 3% at $35.82, continuing a strong year-to-date performance. The metal is now up over 20% since the start of the year, narrowing the gap with gold, which has gained about 28% in the same period.
The rally comes amid ongoing interest in precious metals as both a hedge against uncertainty and a response to tightening supply dynamics. While gold has long been considered a defensive asset, silver carries both monetary and industrial appeal — used extensively in technologies such as solar panels and electronics.
A recent report from the Silver Institute highlighted a significant imbalance in the market, estimating that silver supply was roughly 15% below global demand in 2024, with a continued shortfall projected in 2025.
This structural deficit, combined with investor demand for safe-haven assets, has helped push prices to levels not seen in over a decade. The industrial component of silver also provides added momentum, as sectors like clean energy drive long-term consumption growth.
While silver’s gains still trail gold’s in 2025, the narrowing difference suggests rising investor interest in diversifying within the precious metals space. Thursday’s move higher in silver came even as gold prices dipped slightly, underscoring the metal’s growing independent strength.
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