Silver price nears $90 as record run continues

Silver is now approaching the $90-an-ounce mark as market participants maintain their bullish views on the safe-haven metal amid geopolitical and economic uncertainties.

Spot prices gained more than 4% on Tuesday morning to set a new all-time high of $89.05 per ounce. This takes its year-to-date gains to 12%, again outpacing that of gold, which also set a record.

The white-colored metal is already coming off one of its best annual performances in history, ending 2025 with a gain of 140%. The gains were driven by massive inflows into the precious metals market, as sentiment shifted toward hard assets with safe-haven appeal in light of key geopolitical events.

Also supporting silver was a structural market deficit that has persisted for years, as well as the metal’s inclusion in the US critical minerals list. It ended last year particularly strong, as concerns of tariffs prompted substantial outflows into the US market and caused a historic squeeze in London.

Bullish forecasts

Analysts expect silver’s momentum to continue in 2026, with many forecasting prices to reach unprecedented levels again as the broader bullish factors remain intact. HSBC recently said it expects silver to trade between $58-$88 an ounce, but warned of a market correction later in the year as supply constraints ease.

With Tuesday’s gains, silver has already exceeded the bank’s upside case and is well on track for another milestone. “It’s likely that there could be volatility in the market and if things remain as they are, I think prices will be soon pushing towards $90/oz,” said ANZ commodity strategist Soni Kumari in a Reuters note.

Metals Focus, meanwhile, said a three-digit peak is “looking likely” as silver’s smaller market size amplifies price movements when it benefits from many of the macroeconomic factors driving gold investment.

“Silver is increasingly appealing to retail traders looking to diversify their exposure across a wider range of metals in the face of geopolitical uncertainty and the energy transition,” Jin Hennig, global head of metals at CME Group said in a statement to Bloomberg.

(With files from Bloomberg and Reuters)