Silver climbs above $25 for first time in 2024 on strong retail demand

Silver prices rose in European trade on Thursday, extending gains for the second day and hitting a three-month high, while trading above the psychological level of $25 for the first time this year on strong retail demand.

Retailers have recently noticed that silver isn’t moving in tandem with gold, which recently hit record highs at $2200 last week, in turn triggering a late boom in silver prices. 

Silver Prices

Silver prices rose 0.6% to $25.16 an ounce, the highest since December 2023, with a session-low at $24.80. 

Silver prices rallied 3.6% on Wednesday, the best profit since December 2023 on strong demand for precious metals. 

Retailers 

Silver is now becoming a favorite among seekers of safe havens, especially as it remains undervalued compared to gold which is trading near record highs. 

Gold hit a record high of $2195 an ounce on March 8, while silver is very far away from its record high of $49.78 scaled in April 2011, in turn triggering strong demand on the white silver for its potential hidden value.