Silver prices soared to a record high in Asian trade on Wednesday, benefiting from outsized safe haven demand amid growing uncertainty over the health of the U.S. economy.
Spot silver rose 2.3% to a record high of $65.3415 an ounce, while silver futures jumped 3.6% to $65.640/oz.
Other precious metals– specifically gold and platinum– also advanced on Wednesday. But silver maintained its outperformance amid a storm of positive cues for the metal.
Markets are positioning for a potential silver supply deficit in 2026, amid increasing demand for the white metal. Silver was designated as a critical metal by the U.S. government earlier this year, increasing its appeal.
Traders seeking haven also bought into silver, given that the white metal offers stability comparable to gold, but at a much lower entry cost. This trade also underpinned silver prices this year, with the metal trading up more than 100% so far in 2025.
Haven demand was boosted by a mixed batch of U.S. economic readings on Tuesday, chiefly nonfarm payrolls and a higher unemployment rate. Focus is now on upcoming consumer price index inflation data for more cues on the world’s largest economy.
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