Silver is currently heading towards the $90-an-ounce mark because trade participants retain their optimistic opinions of the safe-haven metal amid the unpredictability of geopolitical and economic events.
Spot prices surged more than 4 percent on Tuesday morning to set a new all-time high of $89.05 per ounce. This takes its year-to-date gains to 12 percent, again outpacing that of gold, which also set a record.
The white-colored metal is already showing off one of its best annual performances in years and would have gained 140 percent by the end of 2025. The slamming profits were supported by huge inflows in the precious metals market as the moods turned to the hard currency with a safe-haven quality, given the major geopolitical unfolding.
Silver proponents also cited an underlying market deficit that has long existed and the fact that the metal is included in the US critical minerals list. It has been especially robust the last year, especially when fears of tariffs drove massive outflows into the US market and brought about a historic squeeze in London.
Analysts believe that the trend of silver will persist in 2026, and many analysts believe that prices will be back to levels never seen before, due to the overall bullish dynamics. Recently, HSBC indicated that it forecasts silver to trade between $58-88 an ounce, although it anticipates that the market will correct later in the year as the supply tightens.
Silver has already flown past the upside case by the bank and is headed well into another milestone, as it gains momentum on Tuesday.
In a Reutersnote, ANZ commodity strategist Soni Kumari said, “It’s likely that there could be volatility in the market and if things remain as they are, I think prices will be soon pushing towards $90/oz.”
Metals indicated that a three-digit high is becoming a possibility, with its smaller market base, silver is more sensitive to price when it enjoys many of the macroeconomic dynamics of gold investment.
Jin Hennig, Global Head of Metals at CME Group, said in a statement to Bloomberg, “Silver is increasingly appealing to retail traders looking to diversify their exposure across a wider range of metals in the face of geopolitical uncertainty and the energy transition.”
