By: Zawya

Silver prices soared above $80 per ounce on Monday, continuing a remarkable rally fueled by tight supply, robust industrial demand, and expectations of additional U.S. interest rate cuts. Spot silver jumped 3.8% to $82.15, after earlier hitting a record high of $83.62. The metal has surged 181% year-to-date, significantly outpacing gold, and has been bolstered by its inclusion on the U.S. critical minerals list and persistently low inventories.

Gold held steady near its all-time high, with spot gold at $4,527.79 per ounce after reaching a peak of $4,549.71 in the previous session. U.S. gold futures remained steady at $4,553.10. Bullion has risen 72% this year, supported by a combination of Federal Reserve rate cuts, geopolitical uncertainties, strong central bank buying, and increased exchange-traded fund investments.

Platinum also touched a historic high of $2,478.50 before retracing slightly, while palladium edged higher. The U.S. dollar lingered near two-month lows, further enhancing the appeal of non-yielding precious metals. Market sentiment remains anchored to expectations of additional rate cuts in 2025, which typically benefit assets that do not offer interest.