UBS - Silver's Price Rises Above $30 As Bullish Trend Continues

2024-05-27 10:21:14 ET

The price of %Silver has risen above $30 U.S. per ounce as bullish sentiment towards the metal gains momentum.

In a new research report, analysts at Swiss bank UBS (NYSE: ) note that the gold-to-silver ratio has declined to its lowest level in nearly two years as silver’s price has risen 31% in the last 12 months.

Silver, which is both a precious metal used in jewellery and an industrial metal used to conduct electricity, is getting attention from investors who are rotating out of gold after that precious metal’s price hit all-time highs this spring.

Silver’s price is also getting a boost from rising global demand for industrial metals.

Strengthening demand in coming months could lead to a further rise in silver’s price, according to UBS.

The Swiss bank says investors should remain bullish on both silver and gold prices as both metals could see further increases throughout 2024 and into 2025.