Silver price reaches historic high, doubling within a year

The price of silver continues its upward trend. For the first time in its history, the white metal exceeded $61, reaching a record high.

Silver prices hit a new record due to investor expectations that the Federal Reserve will pursue monetary easing in the coming period and tightening global supply.

The price of silver has more than doubled since January. Starting the year at $28.9, the price of an ounce of silver has surpassed $61, writes Indeksonline.

Strong demand for silver from sectors such as electronics, semiconductors and renewable energy supported growth, while expectations that the US Federal Reserve will cut interest rates at today's meeting also boosted the precious metal.

Another dynamic supporting the rise in silver prices is the weakening of global production.

Data from the Silver Institute shows that a supply deficit of over 250 million ounces has formed in the market by 2024 due to declining mining production and limited recycling volumes.

This is among the largest deficits recorded by the institute.Indeksonline/