Silver hit a record high, surpassing $80 an ounce for the first time to continue a historic year-end rally.
The white metal gained for a sixth consecutive session and has advanced roughly 25% during that span — the largest six-day jump in records dating back to 1950. The recent upswing has been supported by speculative inflows and ongoing supply disruptions at major trading centers following a short squeeze in October.
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Precious metals have surged this year, driven by increased central bank buying, inflows into exchange-traded funds and three back-to-back rate reductions by the US Federal Reserve. Lower borrowing costs benefit the commodities, which don’t generate interest, and traders are wagering on additional rate cuts in 2026.
The Bloomberg Dollar Spot Index, a critical measure of the US currency’s strength, declined 0.8% last week, marking its largest weekly drop since June. A softer dollar typically supports gold and silver.
Spot silver gained 5.5% to $83.65 as of 7:23 a.m. in Singapore. Gold inched up 0.1% to $4,539.93 an ounce. Platinum climbed 0.6% and palladium rose 1.5%.