Silver prices pushed higher on Friday to cap a bullish week for the white metal, rising in line with gold prices which hit new record highs.
Silver prices briefly climbed as high as $28.24 an ounce, although most of the volume going through was centred around the $27.30 to $27.50 area in late deals. That compared with around $26.95 an ounce on Thursday. Silver’s moderate gains on Friday took the metal to its highest price since June 2021 — almost a three-year high.
Silver’s gains came on a day in which gold prices hit a new all-time high of $2,330 an ounce.
The gold-silver ratio hit a high of around 91 in February, indicating gold’s relative price strength against silver, and this may have been taken as a sign that silver’s relative underperformance had increased the chances of a bullish run-up in prices.
The markets will be looking ahead to Wednesday’s US inflation numbers to get a handle on the likely timing of any interest rate cuts in the short-term.
Recent data from interest rate traders point to a roughly 50-50% split on whether the US Fed will maintain or cut interest rates at its June meeting. The figures point to a 93% probability that the central bank will keep rates on hold at its next meeting on May 1.
Frank’s experience covering the commodities markets spans 22 years, with a particular specialism in metals, carbon and energy markets. He has worked as a senior editor for S&P Global Commodity Insights (formerly Platts) and before this, at ICIS-LOR, a part of Reed Business Information (Reed Elsevier), where he covered the petrochemicals markets from 2003 to 2005.
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