Silver Sets Fresh All-Time High Above $58 Per Ounce

 

Silver Sets New All-Time High Above $58 Per Ounce

(Bullion News Network) – Silver set a fresh all-time high on Monday. The precious metal crossed $58 per troy ounce for the first time ever, peaking at more than $58.50/ozt after adding over $5 to its spot price in the early hours of the trading day. Silver pulled back marginally later in the day but retained over $4.68/ozt in gains. This is silver’s sixth consecutive gain, and the precious metal has added more than $8.20 to its spot price per ounce since November 21st. Gold prices also gained on Monday, $77 per troy ounce to cross $2,240 per troy ounce. The price action heavily favored silver, driving the gold-silver ratio nearly five points lower to less than 73:1. That’s the lowest gold-silver ratio since August of 2021. 

Platinum-group metals also saw some movement to begin the trading week. Traders heavily favored platinum, which gained around $74 per troy ounce. Palladium lagged behind, adding less than $10/ozt to its spot price. The price action extended the platinum-palladium gap; platinum is set to end the Dec. 1 trading day more than $220/ozt higher than palladium. Last week, a major Chinese exchange began offering platinum and palladium futures contracts as part of the country’s green finance initiative. The move is expected to be a boon to the platinum market, which surged after Chinese officials announced an ambitious new green energy plan in September.

Silver settled in the afternoon, retreating marginally from its intraday high to end the trading day at around $58.10 per troy ounce. Gold saw a larger pullback, ending the day up just under $69 per troy ounce. The gold-silver ratio fell by more than 5.0 on the day, securing its lowest rate since August of 2021. Both gold and silver benefited from growing market expectations that the Fed will vote to cut interest rates at its Dec. 10 meeting. After dovish hints from Federal Reserve officials and a mixed-result September U.S. employment report, market confidence in a December rate cut jumped. CME FedWatch’s projection for the Fed’s December meeting saw the odds of a 25 basis point rate cut jump to 87.4% on Monday, up from 63.0% on October 31st.

China’s ambitious green energy plans and tight supplies globally may also be driving silver prices higher. The price of silver increased by more than 100% in 2025, and the precious metal’s October run saw the market enter a rare state of backwardation as stateside supplies of highly pure silver products dried up. In September, China pledged to reduce its carbon emissions by more than 10% over the next decade. The nation, which already leads the world in solar panel production, also promised to reach a total of 3,600 gigawatts in combined solar and wind energy production by 2025. The ambitious plan would likely require a substantial amount of silver, which is used in the production of solar panels and other green energy technologies. 

Silver’s 2025 performance has outpaced gold, despite the historic run for both precious metals during what has shaped up to be a volatile year in many markets. Heading into December, the last big data report before the Fed meets on the 10th will be the September Personal Consumption Expenditures (PCE) index , which was delayed in October due to the U.S. government shutdown. A major uptick in inflation could cause the Fed to balk at a third consecutive rate cut at next Thursday’s meeting. Forecasters expect the PCE to remain unchanged from August at a rate of 0.3%, and experts project a marginal 0.1% increase to the year-over-year PCE. Barring a surprise in this report, traders should expect rate cut expectations to increase heading into the FOMC’s final meeting of the year.

What remains unclear is how markets will react to a rate cut confirmation if markets are correct to expect another 25 bps cut next Thursday. This year, traders have seen precious metals pull back following some key rate cuts, although both gold and silver are up compared to their pre-cut spot prices. Institutional and industrial demand are poised to play an outsized role in how safe haven assets move following rate cut confirmation, but, again, this has been a volatile year in most markets.