On Wednesday, spot silver climbed by as much as 3.5%, setting a new record at $49.54 per ounce as of 4:11 p.m. GMT.

The sharp rise in silver prices comes amid unprecedented gains in gold, which surpassed $4,000 per ounce the same day — a historic milestone. Analysts attribute this rally to investors seeking safe-haven assets amid growing economic and geopolitical uncertainties, coupled with expectations of future interest rate cuts by the U.S. Federal Reserve.

Both precious metals have benefited from heightened demand as markets brace for potential instability, reinforcing their status as traditional stores of value in turbulent times.

TDD/ SHS