Yesterday, on Whit Monday, silver extended its rally of recent days. The precious and industrial metal climbed another 2% and approached the $37 mark per ounce. Market observers noted that a weaker US dollar, among other factors, is fueling the silver price. Currently, an ounce of silver still costs nearly $36.50.

The silver price had only surpassed the $36 per ounce mark last week, reaching its highest level since early 2012. In yesterday’s trading, it rose to $36.90 on the spot market at one point, representing another 13-year high.

Silver’s big brother gold once again showed less volatility and ended yesterday’s trading at $2,328.22 per ounce. The market is likely waiting particularly for the outcome of the trade talks between the US and China, which will resume today.

Silver Performance Now on Par with Gold

With the recent increase, the silver price has now caught up to gold. At least in terms of performance since the beginning of 2025, both precious metals are now at just over 26%. Nevertheless, silver has still hardly come into focus for a broader investment public.

Many analysts believe that the metal still has room to grow. A target of $40 per ounce is often mentioned. This would represent another double-digit increase from the current level and would be an excellent return if the trend continues as expected until the end of the year.

Observers believe that the next price driver could be the upcoming meeting of US Federal Reserve officials. There, the Fed might provide hints on how it plans monetary policy for the rest of the year. Lower interest rates can be seen as positive for silver and gold, as precious metals are considered safe havens but do not yield interest.