Highest Annual Increase Since 1979
Other Precious Metals and Industrial Commodities Also on the Rise
The international price of silver surpassed $80 per ounce during trading for the first time ever. This year's rate of increase is expected to be the highest since 1979. Multiple factors, including the U.S. base interest rate cut and rising industrial demand, have combined to drive up the prices of various precious metals and resources.
According to Bloomberg on the 29th (Korea Standard Time), the international spot price of silver reached a record high of $84.0075 per ounce at 8:21 a.m. that day. However, the price quickly retreated and was trading at $75.7 per ounce as of 8:23 p.m. the same day.
Silver, which is both a precious metal and an industrial commodity, has seen its price soar recently due to a combination of factors such as the U.S. base interest rate cut, supply shortages, and increased industrial demand. Since the beginning of this year, the price of silver has risen by 182% from its lowest point. This is expected to mark the highest annual increase since 1979, when oil prices surged due to the Iranian Revolution.
On the 1st, silver bars were displayed at a silver specialty store in Jongno-gu. Photo by Yonhap News
At the same time, the spot price of gold was trading at $4,465 per ounce. The all-time intraday high was recorded on the 27th at $4,549.92 per ounce.
Other metal prices are also soaring. On the 29th (local time), the international copper price rose 6.6% from the previous session on the London Metal Exchange, reaching $12,960 per ton. On the 23rd, the price of copper surpassed $12,000 per ton for the first time.
Unlike gold and silver, copper is considered a metal much more closely tied to real economic activity, as it is an industrial commodity used throughout manufacturing, including in power transmission equipment and industrial machinery. The rise in copper prices reflects strong industrial demand and economic revitalization trends.
In this regard, Aoin Dinsmore, an analyst at Goldman Sachs Research, explained, "Copper is a metal that stands to benefit the most from global investment in power and transmission infrastructure, driven by the expansion of artificial intelligence and the defense sector."
Supply constraints are also driving up copper prices. Gregory Shearer, a strategist at JP Morgan, analyzed, "The growth rate of mine supply in 2026 is expected to be about 1.4%, which is about 500,000 tons less than initially forecast at the beginning of the year."
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