A surge in market demand for safe-haven assets, triggered by turmoil caused by U.S. President Trump's policies, pushed silver prices past the $100-per-ounce mark for the first time on the 23rd.
Agence France-Presse reported that the price of silver doubled in three and a half months, reaching a historic closing high of $103.3 per ounce on the 23rd.
In addition to the boost from safe-haven demand, silver has also benefited from strong demand for the precious metal in solar panels, electronics, and jewelry manufacturing.
Furthermore, tech companies are buying up large amounts of silver for building artificial intelligence (AI) data centers, which has also led to supply shortages.
Gold prices have also strengthened, approaching the historic high of $5,000 per ounce on the 23rd, closing at $4,988.56 per ounce. During times of economic turmoil, investors are increasingly turning to these traditional safe-haven assets.