Silver Price Surges to 6-Month High as Bank Forecasts Diverge

The silver price surged to its highest level since June after a 17.26% monthly gain, but forecasts from major banks diverge sharply.

Silver briefly touched $70.0182 on Friday before ending the week at $68.994 an ounce in US Dollars (XAG/USD).

The sharp rise has left silver almost 8% above its 20-day moving average, and momentum remains positive despite shorter-term indicators being overbought.

According to Citi, the bank expects silver to reach $90 over six to twelve months as recovering investment demand offsets softer consumption from established solar technologies.