Silver prices recorded a notable increase in local markets during last week’s trading, rising by 11.11%, in parallel with strong gains globally, as the ounce climbed about 12.5%, according to a report issued by the Safe Haven Center.
Locally, the price of 999-fineness silver rose from EGP 130 to EGP 145 per gram after touching EGP 150. The 925 grade climbed to EGP 135, while 800 silver reached EGP 116 per gram. The silver pound was priced at EGP 1,080.
Globally, spot silver contracts opened the week at around $80 per ounce and rose to $93 before closing the week near $90 per ounce, posting weekly gains of about $10.
Since the beginning of the year, silver has gained roughly 25%, putting it on track for its best performance since 1983, when it posted a 26% gain in the first month of the year. By comparison, silver rose by 2.4% in January 2025.
The report noted that silver’s exceptional performance in 2025 included a 145% rise in local prices, an increase of EGP 74, and a roughly 148% increase in global prices, equivalent to a gain of nearly $43 per ounce.
Concerns over supply shortages that drove prices higher in the second half of 2025 appear to have reached a temporary peak after President Donald Trump announced that his administration would not impose tariffs on base metals under Section 232. This announcement has helped stabilize the physical market after the United States stockpiled silver for nearly a year amid earlier fears of tariff implementation.
Recent data indicate there is no urgent need for the Federal Reserve to cut interest rates, with the first reduction not expected before at least June. This suggests continued short-term pressure on prices. Nevertheless, sustained demand, supply shortages, and broader macroeconomic volatility continue to support silver prices.
Regarding the gold–silver relationship, the gold-to-silver ratio fell to its lowest level since 2012 after exceeding 100 in April 2025, driven by a 150% surge in silver prices over the past 12 months. This points to stronger momentum in silver relative to gold at present.
Silver has benefited from a resurgence in strong speculative demand alongside rising industrial demand, exacerbating liquidity and supply-chain constraints and triggering pressure on short positions.
Over the past year, silver prices rose by about 150% and continued to advance at the start of 2026, trading above $91 per ounce, while gold maintained strong support above $4,600 per ounce, posting gains of more than 6% since the beginning of the year.
At the same time, analysts at BMO Capital Markets noted that the gold-to-silver ratio could decline further in the short term, but is likely to trend higher over the long term due to expectations of growing physical surplus.
The bank explained that investment demand has been the primary driver of the unprecedented rally, but that a more accurate measure of market performance lies in actual industrial silver consumption—particularly in solar energy, which has accounted for about 58% of the increase in consumption since 2020—while demand growth is expected to slow in the near future.
BMO also highlighted innovations in solid-state batteries, which could add around 100 million ounces to industrial demand by 2030 if commercialization efforts by companies such as BYD, Samsung, and LG succeed. However, until this technology achieves widespread commercial adoption, supply is expected to increase, potentially limiting silver’s performance relative to gold.
In a related context, TD Securities continued to warn of excessive momentum in the silver market after being forced to exit its short position for the second time since October, when a stop-loss was triggered at $93.15 per ounce after March futures surged to a record high of $93.70.
Despite the pullback from recent highs, silver remains up more than 21% since the start of 2026.
The bank reiterated that the market remains overbought, and that any future liquidation wave may require a technical breakdown in prices to materialize, while closely monitoring U.S. administration decisions on tariffs that could affect market liquidity and physical metal availability.
The report concluded that silver remains in a strong uptrend, driven by investment and speculative demand, but that longer-term prospects will depend on the balance of industrial supply and demand, with the possibility of a higher gold-to-silver ratio as physical surpluses grow in the coming years
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