Silver prices soar to $37, reaching a 13-year high.

On Thursday, the international spot silver price continued to rise, breaking through $37 per ounce and reaching $37.42, the highest level since 2012, up 1.18% from the previous day. The domestic silver price also strengthened, reaching 8.46 yuan/gram, with a year-to-date cumulative increase of over 23.98%. Market analysis points out that the rise in silver prices is driven by multiple factors: surging global industrial demand, especially in the solar photovoltaic and electric vehicle sectors; enhanced expectations of a Fed rate cut, reducing the opportunity cost of holding precious metals; the U.S. dollar index falling below 98, boosting silver prices priced in dollars. Silver has performed strongly this year, rising 41.74% from the beginning of 2024, far outperforming gold. The silver-to-gold ratio has reached 1:92, indicating that silver is still undervalued and attracting investors' attention. In the Chinese market, the price of silver in India has risen to 111 rupees per gram, influenced by international market dynamics and rupee depreciation. Experts predict that if the supply shortage continues, silver prices may test the $40 mark in 2025.