It has been a brutal ride for silver investors, with the white metal plunging nearly 60% from its record high of $121.79 an ounce in January to around $54. The sharp reversal followed a record-setting rally, with surging oil prices amid the Iran war stoking inflation concerns and shifting US Federal Reserve rate expectations, weighing heavily on precious metals.
Global investment bank HSBC says silver had tumbled to nearly $54 an ounce before prices stabilised. While there is room for further gains, the upside is likely to be limited. Gold prices will remain a key driver for silver, with HSBC maintaining a moderately positive outlook on bullion, which could help support the white metal.
