Silver Price News: Silver Posts Steady Gains Through Week

Silver prices made modest gains on Friday to close out a slightly bullish week for the metal overall, as the market remains supported by falling interest rates and safe-haven demand.

Prices briefly spiked as high as $33.06 an ounce on Friday, although this level did not represent repeatable trade, and prices fell back to around $32.27 an ounce later in the session. That compared with around $32.08 an ounce in late trades on Thursday.

Silver posted gains of around 2% across the week as a whole.

The brief spike above $33.00 an ounce on Friday perhaps suggests silver is gunning for higher ground, and the overall strength last week follows silver’s 12-year high of $32.75 an ounce on September 26.

Silver’s role as a precious metal means it is benefiting from the start of an interest rate-cutting cycle in the major economies as well as through its safe haven status during times of geopolitical tensions.

But silver is also an industrial metal, and it stands to gain from secular trends — such as the transition to cleaner energy, through applications such as solar panels, battery storage, electrical circuits and AI-based computer systems.

Silver is set to face a global structural supply deficit of well over 200 million ounces in 2024, according to a forecast from industry group the Silver Institute: SILVER SUPPLY & DEMAND | (silverinstitute.org). If borne out, that would be the fourth consecutive year in which silver’s supply has fallen short of demand.

Looking ahead, the markets will be watching out for speeches by several US Fed officials on Monday and Tuesday, while German industrial production figures due out Tuesday are expected to provide a slightly better reading in August following a sharp 2.4% contraction in July.