Silver prices to rise and peak this year — Macquarie

The price of silver keeps growing impressively, approaching a 14-year high. According to Macquarie analysts, the metal's value could peak by 2026.

Sustained industrial demand is supporting the silver market and is the main reason for the significant supply shortage. However, Macquarie experts note that investment interest currently plays a leading role in the white metal pricing.

While Macquarie remains optimistic about silver, the bank recognizes the limitations of the current rally. Analysts forecast that the asset will remain above $30 per ounce until 2026, peaking this summer. The organization expects the average price to be $36 per ounce in the third quarter.

In the second half of 2025, Macquarie projects that silver will be supported by strong gold price dynamics. On the other hand, a decline in demand for risky assets due to a slowdown in global industrial production growth and weakening consumption caused by US tariffs will put downward pressure on prices.