Silver

Key insight

Silver has more than doubled year-to-date and is now pressing multi-week highs above $61, with today's explosive move fuelled by a dual safe-haven and industrial demand narrative — but the metal still trades far below its January 2026 all-time high near $121, leaving a wide runway if macro tailwinds persist.

Silver has surged +3.69% to $61.76 today, breaking decisively above the $60 psychological resistance, driven by Hormuz Strait diplomatic progress and gold's +2.7% safe-haven rally to $4,188.

Main risk

US July Non-Farm Payrolls — Friday release

A blowout jobs print on Friday could force the Fed to delay rate cuts, strengthening the USD and crushing precious metals momentum from current elevated levels near $61.76.