Silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025.
Angelika Warmuth | Reuters
Silver futures jumped as much as 5% early Tuesday, continuing 2025’s rollercoaster ride for precious metals.
Silver futures for March delivery were up 5% to last trade at $73.955 an ounce at 9 a.m. London time (4 a.m. Eastern time), bringing year-to-date gains to 153%.
Silver prices have risen significantly in 2025.
Silver futures hit a record high overnight to Monday, reaching $80 an ounce for the first time. However, gains quickly evaporated and the metal logged its largest single-day drop since February 2021, closing the session down 8.7%.
“This is a historic move,” said KKM Financial CEO Jeff Kilburg on Monday. “We haven’t seen a move like this in a long time.”
Gold futures also recovered from a sharp selloff on Monday, and last traded 0.9% higher at $4,381.70 an ounce.
Meanwhile, copper futures were last seen up 2.1% to $5.6805 an ounce.
Precious metals had a stellar year, driven by multiple factors. Gold and silver are typically seen as safe haven assets, popular with investors during increased geopolitical tensions. They are also viewed as hedges against inflation. A weaker U.S. dollar also makes the metals cheaper and more attractive for foreign buyers.
Silver specifically is also commonly used in electronics, including solar power panels, data centers, and electric vehicles.
Over the weekend, EV maker Tesla’s CEO Elon Musk posted on X that “silver is needed in many industrial processes,” possibly prompting prices to rise further.
– CNBC’s Sarah Min contributed to this report
Credit: Source link
