In the Korea Gold Exchange located in Jongno-gu, Seoul, an employee is arranging silver bars. Photo by Tae-Hyung Cho.
[Seoul Economy]
For the first time, the international silver price has exceeded $80 per ounce.
According to Bloomberg, the international silver spot price hit a record high of $84.0075 per ounce at 8:21 AM Korean time on the 29th. As of 2:40 PM, the silver spot price stands at $80.1575.
Silver, known as a primary precious metal and an industrial material in high demand, has surged over 182% this year due to factors like supply chain issues and the U.S. interest rate cut. The annual increase rate is expected to be the highest since 1979, when oil prices soared due to the Iranian revolution.
Charu Chanana, chief investment specialist at European investment bank Saxo, mentioned in an interview with Reuters that “towards the end of the year, silver has been showing a nearly vertical rise, presenting short-term risks for position liquidation,” but noted “from a macro perspective, with expectations for further rate cuts, geopolitical instability, and central banks’ demand for asset diversification, there continues to be structural support for precious metal prices.”
At the same time, gold spot prices are trading at $4,517.94 per ounce, with the all-time high of $4,549.92 marked on the 27th.
Meanwhile, Bloomberg reported that international copper prices on the 29th (local time) at the London Metal Exchange rose by 6.6% compared to the previous day, reaching $12,960 per ton, nearing the $13,000 mark. Copper prices exceeded $12,000 per ton for the first time on the 23rd.
Bloomberg stated that the surge in copper prices continues due to several factors, including “hoarding” prompted by the prospect of the U.S. Trump administration imposing additional tariffs on copper next year, the impact of a weak dollar, supply concerns, and the boom in the precious metals market.