Silver extended its rally past the $33 per ounce mark on Friday, the highest in over three months and outperforming other bullion as its demand in electrification and manufacturing magnified the the support from a global pivot to safety.
The unexpected rebound in the ISM Manufacturing PMI for January improved the outlook for US factory demand following more than two years of monthly contractions.
Additionally, new data showed that China put up 357 gigawatts of solar and wind power in 2024, among the main uses of industrial silver. Also on the solar power front, India's Oil and Natural Gas Corp pledged to invest INR 1 trillion in wind and solar by the end of the decade, while Indonesia pledged to add 17 gigawatts of solar energy through state-owned enterprises.
In the meantime, precious metals were also supported by the announcement that the US will impose reciprocal tariffs on major trading partners by next quarter.
Source: Trading Economics
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