As weaker-than-expected US jobs data suggested a cooling labor market and fueled betting on more interest rate cuts next year, silver rocketed beyond $66 an ounce for the first time to record highs on Wednesday.
After reaching an all-time high of $66.52 earlier in the session, spot silver was up 4% at $66.30 an ounce at 9.25 p.m. UAE time, according to Reuters data, continuing a rise fueled by limited supply, robust industrial demand, and growing speculative interest.
Due to a unique combination of structural, monetary, and physical market dynamics, silver has more than doubled in value in 2025. According to a Saxo Bank research note, the advance has been greatly amplified beyond what gold alone would typically justify due to tight supply, price-inelastic industrial demand, and policy-driven dislocations.
One of the most significant revaluations in the history of contemporary precious metals will be the unrelenting rise of silver in 2025. According to Ole Hansen, Head of Commodity Strategy at Saxo Bank, “Silver finally resolved that identity crisis this year by being both at the same time just as supply constraints became impossible to ignore.” Silver had spent a significant portion of the previous ten years being viewed as both a monetary metal and an industrial input.
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