Silver prices rallied sharply on Thursday, breaching the $50 per ounce mark for the first time in history, as mounting uncertainty surrounding the US government shutdown fueled demand for safe-haven assets.
At 8:30 am ET, silver surged 2.35% to $50.03 per ounce, extending its record-breaking run. The metal’s gains come as investors grapple with a lack of fresh economic data due to the suspension of key US government operations, intensifying concerns about the broader economic outlook.
Gold prices held steady at $4,041.23 per ounce, while platinum rose 0.22% to $1,673.51 per ounce. Palladium saw the strongest uptick among precious metals, jumping 3.75% to $1,461.47 per ounce.
Analysts noted that the prolonged data blackout caused by the US shutdown has left markets without clear economic indicators, pushing investors to hedge against potential volatility. The surge in silver also reflects rising investor appetite for tangible assets amid fears of slower global growth and policy uncertainty.
The rally underscores the growing divergence between traditional financial instruments and commodity markets, as precious metals continue to attract investors seeking stability during geopolitical and fiscal disruptions.
