Silver Price News: Silver Prices Rise As Gold Tests Highs

Silver prices edged higher on Friday to post modest week-on-week gains, as gold prices rose to test their October 2024 highs.

Prices rose as high as $31.20 an ounce on Friday, up from around $30.54 an ounce in late trades on Thursday.

Silver’s action saw the white metal post gains of 1.1% over the week as a whole, albeit with prices still holding well within the range of $28.80 to $34.60 an ounce seen over the last three months.

Weak dollar supports gold & silver

The US dollar fell against other major currencies through the week, and this continued on Thursday and Friday after US President Donald Trump called for lower interest rates around the world, in a virtual speech at the World Economic Forum in Davos. A weaker dollar tends to push precious metals prices higher as it makes them cheaper for buyers in other currencies.

Silver’s modest gains on Friday came in the context of rising gold prices, which on Friday came within striking distance of their October 2024 all-time highs of over $2,790 an ounce.

Technical analysis

Silver’s moves on Friday left the price caught in a converging technical pattern where support and resistance lines cross, posing questions over which will break first. Rising oblique minor support rests at $30.56 an ounce, while descending oblique minor resistance can be found at $30.75 an ounce. Should prices break to the downside, further rising trend line support can be found at around $29.30 an ounce.

Meanwhile, the gold-to-silver price ratio pushed back up above 90 last week, some way above its average of about 85 over the last three years, suggesting silver could have potential to make further gains relative to gold.

Upcoming data/events

Looking ahead, ECB President Christine Lagarde is set to give speeches on Monday and Tuesday, which may provide fresh signals on the health of the EU economy and the central bank’s expected monetary policy stance. Tuesday will also see US monthly durable goods orders and consumer confidence data. 

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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