Silver prices have surged following the military clashes between Israel and Iran, with gains outpacing those of gold.
According to mining industry outlet Mining.com on the 18th, the spot price of silver rose 2.2% on the 17th (local time), reaching $37.26 per ounce — the highest level in 13 years since early 2012. Silver futures in the New York market recorded a similar increase, closing at $37.33 per ounce.
The prolonged armed conflict between Israel and Iran has heightened risk aversion, boosting demand for safe-haven assets.
Gold, traditionally considered the leading safe-haven asset, saw a more modest increase of 0.2%, closing at $3,390 per ounce. As the gap between gold and silver prices narrowed, the gold-to-silver ratio approached its lowest level in three months.
Carsten Menke, Head of Research at Julius Baer Group, told Bloomberg, “Considering the typical anxiety of short-term investors during geopolitical tensions, the recent lack of enthusiasm for gold may appear surprising at first.” However, he added, “Upon closer inspection, this aligns with past patterns where geopolitical shocks have failed to sustain prolonged gold rallies.”
Swiss investment bank UBS stated, “A temporary pullback in gold prices is a signal of the next uptrend,” emphasizing that “the bullish sentiment toward gold remains intact.
