Silver Surpasses $80 in Spot Transactions for the First Time

The price of silver surpassed 80 dollars per ounce on Monday, driven by strong demand from the industrial and investment sectors, declining stockpiles, and expectations of further U.S. interest rate cuts. These market dynamics have created a surge in demand for the precious metal.

The gold price slipped by 0.1 percent to 4527.79 dollars per ounce in spot transactions by 1152 GMT on Sunday. This decline followed a new record high of 4549.71 dollars reached in the previous session, reflecting its fluctuating value.

U.S. gold futures for February delivery held steady at 4553.10 dollars per ounce. The market is keeping a close watch on these prices as traders and investors assess future movements and potential shifts in demand.

Silver's spot price climbed by 3.8 percent to 82.15 dollars per ounce, after reaching an all-time peak of 83.62 dollars earlier in the day. This marked increase underscores its growing allure among investors and industrial users alike.

Since the start of the year, silver has gained 181 percent, surpassing the 80-dollar threshold. This remarkable rise can be attributed to its classification as a critical U.S. metal, limited supply, and declining inventories amid rising industrial and investment demand.

As for other metals, platinum saw a 0.8 percent decrease in spot transactions, dropping to 2429.10 dollars after previously reaching a record high of 2478.50 dollars. The metal's volatility illustrates the various factors influencing market behavior.

Palladium inched up 0.1 percent to 2003.83 dollars per ounce. This marginal increase indicates ongoing interest in the metal, as market participants continue to monitor economic indicators and their potential impact.