Silver Corrects from Peak, Expected to Rise towards $70/oz

Silver prices have corrected from their January peak of $120/oz to around $60/oz in July, according to WisdomTree's Head of Commodities and Macroeconomic Research, Nitesh Shah. The correction was expected as the previous peak would have accelerated industrial demand destruction.

One area to watch is solar demand, which has been affected by China's front-loaded installations in 2025. This may be partly offset by stronger solar demand elsewhere due to policy efforts to diversify away from hydrocarbons.

Silver's price movement remains closely tied to gold, and with a broadly supportive macro environment expected, silver prices are likely to rise towards $70/oz driven by higher gold prices. However, some increase in production and more moderate industrial demand growth is likely to cap the upside.