Silver Price Surges Amid Declining Solar Demand

The Silver price has surged over 10% this week to USD 63.9 per troy ounce, its highest level since late June, according to Commerzbank's Carsten Fritsch.

This sharp increase in the Silver price has pulled the gold/silver ratio back below 70.

However, Fritsch highlights that solar-sector demand is set to decline for a second year, with Silver's share in solar modules and total demand expected to fall despite still-elevated prices.

BNEF estimates that 19% less silver will be used in the production of solar modules this year than last year, marking the second consecutive decline.