Silver touches $73 per ounce as inflation expectations rise

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Precious metals are experiencing a brief rally in the market as inflation expectations have risen across key economies. Gold and Silver were both up by nearly 1% in trading on Thursday. Safe haven assets over the past month have exhibited significant short-term volatility but not as volatile as stocks, government bonds, and market indexes. 

2025 recorded strong buying activity among institutions as investment priorities for large-scale investors and governments was more focused towards wealth protection and stability, according to World Gold Council. In 2025, gold was up by more than 60% in the market. 

Silver—typically known to be more volatile in the market--went up by a far higher margin, starting 2025 at $28.92 per ounce and ending at $71.65 per ounce. 

As of June 4, 2026, silver futures are trading at approximately US$74.17 per ounce for the benchmark July contract, reflecting a stabilization period following the metal's historic "parabolic" rise. 

This current price represents a massive leap from where the market stood on January 1, 2025, when silver opened at just $29.00, eventually closing that year at $71.65 for an annual gain of over 145%. The market peaked earlier this year in January 2026, hitting an all-time record high above $121 per ounce (January 29, 2026, Investing News Network ) during an intense supply squeeze. 

If inflation expectations continue to rise, gold buying could potentially increase. Silver typically does not get recorded in the form of central bank purchases as financial institutions don’t buy them. Silver gets recorded in the form import volumes as the metal is used widely in industrial applications. 

Here are the most used applications of silver in economies and industries:

• AI hardware and data centers
• Solar power and Electric Vehicles 
• Industrial and medical applications

Summary

Historically, rising industrial demand has tended to support silver prices, though this relationship is not guaranteed, and prices can also fall. Certain market booms such as EVs, wider use of solar panels, and other key applications created increased demand for the metal, which could translate into a rally in the market. 

Research references

• World Gold Council, Gold Demand Trends: Q4 and Full Year 2025. https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-full-year-2025 (accessed 4 June 2026) 
• Trading Economics, Silver – Price, Chart, Historical Data, News. https://tradingeconomics.com/commodity/silver (accessed 4 June 2026) 
• Investing News Network, Silver Price Update: Q1 2026 in Review. https://investingnews.com/daily/resource-investing/precious-metals-investing/silver-investing/silver-forecast/ (accessed 4 June 2026)

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