Silver Prices Reach 11-Month High

The price of silver per troy ounce has surged to its highest level in 11 months in the New York market, riding on the coattails of a rally in gold prices. On the Commodity Exchange (COMEX), the most active silver contract rose by 3.53% or US$0.887 cents to reach US$25.96/oz. This marks the highest price for silver since May 3, 2023. The metal has shown significant gains this year, reports Mining Mexico.

This surge in silver prices is attributed to ongoing expectations of a more relaxed monetary policy by the Federal Reserve (Fed). However, silver's rally has been more subdued compared to gold, which is currently trading at historic highs. Silver's price is still 46% below its all-time high of US$47.91 set on March 31, 2011.

Silver, much like gold, is often considered a safe-haven investment during times of economic uncertainty or geopolitical tensions. Furthermore, silver, a crucial component in various manufactured products such as solar panels and electronics.

Technically, silver faces a key resistance level at US$26.00. If this level is breached, silver could potentially reach US$27.00, a level not seen in two years.