Spot silver climbed 2.2% to close at $36.76 per ounce, hitting a session high of $36.90—its highest level since February 2012. Silver futures rose 2.1% to settle at $36.91 in New York.
The move builds on last week’s breakout above the $36 threshold, a key technical milestone that helped push silver to a new 13-year high.
Gold, often seen as silver’s higher-priced counterpart, also advanced on Monday. Spot prices rose 0.5% to $3,328.22 per ounce, supported by ongoing investor caution ahead of further developments in U.S.–China trade negotiations.
With Monday’s gains, silver has now caught up with gold in terms of year-to-date performance, with both metals up nearly 26% in 2025—cementing their status among the year’s top-performing assets, despite limited mainstream attention.
Analysts See Further Upside Potential
Brett Elliott, director of content at APMEX, a leading precious metals marketplace, sees additional upside for silver in the coming months.
“Silver still has room to run higher, with many analysts predicting $40 per ounce by the end of the year,” Elliott told CBS last week. “This is roughly a 20% gain from current levels, which would be an excellent return if price action follows the expected path.”
Fed Meeting in Focus
The next key catalyst for the metals market could be the upcoming Federal Reserve meeting. Market participants are watching closely for any signs of a policy shift that could confirm expectations of rate cuts later this year.
Lower interest rates typically benefit gold and silver, which do not yield interest but tend to outperform during periods of monetary easing and heightened economic uncertainty.
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