Silver Maintains Its Shine in 2025 – Weekly Gains and Relative Outperformance Over Gold

In a week marked by sharp turbulence in global markets, silver managed to preserve its luster as one of the most sought-after safe-haven assets, benefiting from a combination of economic and geopolitical factors that fueled demand for precious metals.

Domestically, silver prices held steady, with 800 purity silver at EGP 52 per gram, 925 purity at EGP 60 per gram, and 999 purity at EGP 65 per gram. The price of a silver pound coin (925 purity) stood at EGP 480, according to data from the “Safe Haven” Research Center.

Globally, silver opened the week at $36.96 per ounce and closed at $38.26, posting weekly gains of nearly 3% and remaining near its highest levels in 13 years. This performance slightly outpaced gold, which rose by about 1%, although gold recorded a historic jump to $3,534 per ounce following reports that the United States intended to impose tariffs on imported gold bars — news that rattled the market.

Silver held above the $38 per ounce threshold, supported by a generally bullish environment for precious metals. The gold-to-silver ratio fell to around 89 by the end of the week, down from levels above 100 in April, signaling relative strength for silver in recent months.

Support for precious metals came from U.S. data showing jobless claims rising to their highest level since 2021, boosting market expectations — with an over 80% probability — of a Federal Reserve interest rate cut in September. Lower yields on alternative assets enhanced the appeal of non-yielding bullion. Trade tensions between Washington and Beijing, coupled with signs of a potential de-escalation in the Ukraine conflict, also maintained elevated uncertainty, further strengthening demand for safe havens.

Year-to-date performance has been remarkable; silver broke the $35 mark in June and approached $40 in July — its highest since 2012. Gold has climbed about 30% since January, driven by record central bank purchases and inflation fears, with silver catching up in the second quarter, supported by strong industrial fundamentals and notable inflows into silver-backed ETFs.

Major institutions have echoed this outlook. HSBC raised its 2025 silver forecast to $35.14, while noting its close correlation with gold’s performance. Bloomberg warned that the high gold-to-silver ratio seen in the spring signals a potential economic slowdown but could set the stage for silver’s relative outperformance if the Fed begins cutting rates. The World Gold Council stressed that factors such as a weaker real U.S. dollar, lower real interest rates, and ongoing trade tensions remain supportive of both gold and silver prices.

While analysts caution that a sharp drop in gold could weigh on silver’s gains, the white metal’s outlook for 2025 remains positive if accommodative monetary policies persist and inflation stays elevated — particularly with the ongoing global shift toward clean energy, which is expected to underpin industrial demand and provide a strong base for prices over the medium term.