Silver price hits multi-decade high as gold rush eases

The price of silver hit a multi-decade high on Thursday as investors kept flocking to safe havens amid geopolitical and economic uncertainty, while gold eased off a record run.

Stock markets, meanwhile, were mixed as traders weighed a slew of issues: massive artificial intelligence investments, corporate results, US interest rates, the US government shutdown, political turmoil in France and a Gaza ceasefire deal.

The price of silver topped USD50 an ounce, attaining levels not seen since 1980, according to Bloomberg. The surge comes in the wake of sister safe-haven gold, which retreated after hitting a record above USD4,000 an ounce on Wednesday.

"I think it's a catch-up effect," John Plassard, head of investment strategy at Cite Gestion Private Bank, told AFP.

He cited concerns about the US economy, prospects of more interest rate cuts by the Federal Reserve this year and worries about France's debt.

"What's also happening – and this is what gave silver an extra boost – is that we've started hearing talk of a shortage of silver," Plassard said, noting that the metal is used as an investment asset as well as for industries such as solar panels.

Gold and silver are seen as safe haven investments in times of uncertainty.

The dollar firmed against main rivals as it rebounds following a deep retreat for much of 2025.

The greenback's recovery is "being propelled by a dual engine: deteriorating conditions abroad and recalibrated expectations at home," said a note from Convera that pointed to political instability in France and "dovish pivots" in Japan