The global precious metals market is witnessing a fresh surge in prices, with spot silver setting a new record high today. The price soared by $3.00 per ounce during trading hours, reaching $89.93 with a 3.45% gain.
Factors Driving the Silver Rally
- Geopolitical tensions boosting safe-haven demand
- Expectations of Fed rate cuts intensifying
- Industrial demand supporting fundamentals
Market analysts suggest that silver is currently being driven not only by investment flows but also by robust demand from sectors like solar power and new energy. As global economic recovery accelerates, silver prices may see further upside potential.