On the other hand, the key support for gold is between $2629.13 and $2607.35, a range that has held firm in recent sessions. The weakening of the dollar, fueled by uncertainty surrounding US tariff policy under new President Donald Trump, continues to support gold and, by extension, silver.
The demand for industry and solar energy drives Silver’s appeal
Silver’s role as an industrial metal is driving demand, especially as solar panel production increases worldwide. The transition to renewable energy is driving the use of silver in photovoltaic cells, strengthening price support beyond silver’s traditional status as a precious metal.
Furthermore, manufacturing activities and the electronics sector contribute to the bullish outlook for silver. As industrial demand strengthens, the price of silver is expected to rise along with that of gold, thanks to dual demand flows.
China’s gold buying signals broader market strength
The continued accumulation of gold in China, with reserves of 73.29 million troy ounces at the end of December, underlines the continued demand for precious metals. Analysts suggest this trend may also reflect broader interest in silver, given their complementary role in investment portfolios.