After starting the week with gains, gold and silver prices reversed course sharply, pulling back from record-high levels. What began as a positive session quickly turned into a steep sell-off for both precious metals, catching investors’ attention.
Sharp Pullback After Record Levels
Silver saw a dramatic move overnight, briefly reaching $84 per ounce for the first time before retreating sharply. During the day, silver’s decline exceeded 9 percent compared to the previous close, while gold fell by more than 4.5 percent. Palladium experienced an even steeper drop, with losses surpassing 15 percent.
As of 7:30 p.m., silver was trading at $72.1 per ounce, down around 9 percent. Gold was priced at $4,304 per ounce, reflecting a 4.5 percent decline. At the same time, gram gold was trading at approximately 6,060 Turkish lira.
Compared to its intraday peak, silver’s loss exceeded 16 percent, highlighting the intensity of the correction.
Strong Gains Still Intact in 2025
Despite the sharp pullback, silver has remained one of the standout performers of the year. Since the beginning of 2025, silver prices are still up by more than 150 percent.
Silver started 2025 at just over $20 per ounce and is now trading above $70 per ounce. This performance means silver has clearly outpaced gold, which has delivered returns of up to 70 percent over the same period.
Why Investors Still Favor Gold and Silver
Alongside gold, silver continues to be seen as a safe-haven asset by investors concerned about rising geopolitical tensions and the growing budget deficit in the United States. Both metals are also widely viewed as stores of value, offering protection against inflation and economic uncertainty that weaken the US dollar.
A weaker dollar, in turn, makes gold and silver more affordable for buyers outside the United States, supporting global demand.
Industrial Demand Adds Support to Silver
Silver also benefits from strong industrial demand, particularly from sectors such as solar panels, data centers, and electric vehicles. This dual role, serving both as a financial hedge and an industrial metal, continues to make silver especially attractive in volatile market conditions.
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