Silver surged past $33 per ounce on Friday, reaching its highest level in over three months and outperforming other precious metals as rising demand in electrification and manufacturing reinforced its safe-haven appeal.
Silver rises to three-month high
The unexpected rebound in the ISM Manufacturing PMI for January improved the outlook for U.S. factory activity after more than two years of monthly contractions. Meanwhile, new data revealed that China installed 357 gigawatts of solar and wind power in 2024, a key driver of industrial silver demand. Further supporting silver’s outlook, India’s Oil and Natural Gas Corp committed to investing INR 1 trillion in wind and solar energy by the decade’s end, while Indonesia pledged to add 17 gigawatts of solar capacity through state-owned enterprises.
US tariffs support metals prices
Additionally, precious metals found further support after the U.S. announced plans to impose reciprocal tariffs on major trading partners by next quarter.
