International silver prices hit the $100 an ounce mark for the first time ever on Friday, extending a solid rally. Spot prices for the white metal soared 4.2% to as much as $100.29 during New York trading hours.
The price more than doubled in 2025 and has already surged 40% in the new year. Notably, silver has gained 225% since US President Donald Trump’s return to the White House in January last year. Geopolitical tensions have driven investors to the safe haven allure of precious metals like gold and silver. The bullion has risen 15% so far in 2026. The yellow metal also hit a fresh high of $4,967 an ounce on Friday, inching steadily towards the $5,000-mark.
de-escalation of tensions between Europe and the US after Trump’s reversal of his stance on occupying Greenland had pulled back prices of silver earlier this week. However, the metal has found support from the dollar’s poorest weekly performance in seven months, which improved affordability for global buyers.
Investor demand has been amplified by Trump’s renewed criticism of the Federal Reserve, alongside developments involving Venezuela, Iran and Greenland, reinforcing the appeal of hard assets as alternatives to fiat currencies and sovereign bonds. Moreover, silver, long viewed through the narrow lens of a precious metal, is now at the centre of a powerful transition. With rising relevance across clean energy, electronics, electric vehicles, and national security applications, the metal is entering a phase marked by persistent supply deficits, strategic accumulation, and heightened financial interest.
The global silver market has been in a deficit for five years running. Demand has exceeded mine supply, forcing drawdown of above-ground inventories.