Silver soars past $66 for the first time

Silver surged past $66 an ounce for the first time to record highs on Wednesday, as weaker than expected US jobs data hinted at a cooling labour market, fuelling bets on more interest rate cuts next year.

- Somshankar Bandyopadhyay [e-mail]

According to Reuters data, spot silver was up 4 per cent at $66.3 an ounce at 9.23pm UAE time after touching an all-time high of $66.52 earlier in the session, extending a rally driven by tight supply, strong industrial demand and rising speculative interest.

Silver has more than doubled in 2025, on a rare alignment of monetary, structural and physical-market forces. Tight supply, price-inelastic industrial demand and policy-driven dislocations have amplified the rally well beyond what gold alone would normally justify, a Saxo Bank research note said.

“Silver's relentless surge in 2025 will be remembered as one of the most dramatic revaluations in modern precious metals history. Having spent much of the past decade oscillating between being perceived as a monetary metal and an industrial input, silver finally resolved that identity crisis this year by being both at the same time — just as supply constraints became impossible to ignore,” Ole Hansen, Head of Commodity Strategy at Saxo Bank, said.