Silver prices exceed $63 per ounce for first time in history

On December 11, silver futures hit a new all-time high, with March-delivery Comex contracts rising 3.64% to $63.25 per ounce at 5:55 a.m. Baku time, marking the first time silver has surpassed $63.

By 8:42 a.m. Baku time, the price increase slowed to 1.88%, with futures trading at $62.18 per ounce, Caliber.Az reports per foreign media.

Silver, like gold, rose sharply after the Federal Reserve decided to cut the interest rate by another 25 basis points, to 3.5–3.75%.

Precious metals typically tend to increase in value in a low-interest-rate environment.

According to Reuters, since the beginning of the year, silver prices have climbed 116%, driven by rising industrial demand, declining inventories, and recognition of silver as a critical mineral in the US.

The rally was also supported by inflows into silver-backed exchange-traded funds.

By Jeyhun Aghazada