Overview

• The metal’s year-to-date gain is about 54%, the strongest annual performance since 1979, with analysts noting dozens of record closes this year.
• A U.S. government shutdown now in its second week and new tariffs announced by President Trump have intensified safe-haven flows and delayed key economic data releases.
• Central banks have purchased more than 1,000 tonnes annually since 2022 to diversify away from the dollar, with China, India, Turkey, Poland and Azerbaijan among major buyers.
• Investor demand has broadened beyond institutions, with storage provider Silver Bullion reporting its client base more than doubled over the past year.
• Expectations of slower U.S. growth, lower interest rates and a softer dollar are supporting prices, though a resurgence of inflation that forces rate hikes remains a key risk.