As the world slipped into Christmas cheer, global markets found an unlikely star leading the festivities. While equity trading stopped and investors paused to celebrate, precious metal silver continued to shine, delivering one of the most extraordinary rallies seen in decades.
Silver prices in global markets extended their record-breaking run, with futures crossing the $72-an-ounce mark and pushing the year-to-date rally to nearly 150%. On December 24, silver ended half a percent higher at $71.8775 per ounce, capping a year that has firmly placed the metal at the centre of investor attention.
With this sharp move, silver has now emerged as the third-most valuable asset in the world, overtaking Apple Inc and Alphabet in terms of market capitalisation. However, Gold and NVIDIA Corporation continue to occupy the top two spots among the world’s most valued assets.
Currently, silver commands a market capitalisation of $4.059 trillion, marginally higher than Apple’s $4.05 trillion as of Wednesday’s closing on Wall Street. The white metal has also moved ahead of Alphabet, which carries a market capitalisation of $3.8 trillion, and Amazon at $2.48 trillion.
Apple Inc closed 0.53% higher at $273.81 on Christmas Eve, while US markets remained closed on Christmas Day. NVIDIA Corporation’s market capitalisation stood at $4.58 trillion as of December 24. Meanwhile, Gold ended at $4,505.40, with its market capitalisation reported at around $15 trillion.
In the recent times, Gold prices has delivered gains of 72% over the last one year, 35% in six months, 20% in three months and 8% in one month.
Silver’s performance has been even more striking. The metal has surged 138% over the last one year, 99% in six months, 59% in three months and 39% in one month, underscoring the scale and speed of the rally.
What’s driving silver’s glittering rally
Silver traded above $70 an ounce for the first time earlier this week, marking a key psychological milestone.
Silver’s recent surge has been fuelled by a mix of macro and market-specific factors. The metal’s safe-haven appeal has strengthened amid escalating frictions in Venezuela, where the US has blockaded oil tankers. At the same time, traders believe the US Federal Reserve will continue easing rates going into 2026, even though the Fed’s dot plot currently signals room for only one rate cut, a scenario that typically supports non-yielding assets such as precious metals.
Optimism has persisted despite a strong third-quarter GDP print, which indicates that the US economy remains on firm footing. Investors are also hopeful that the next Fed Chair could be more dovish than Jerome Powell and more aligned with US President Donald Trump’s preference for lower interest rates.
Silver is now on track for its best annual performance since 1979. The broader rally in precious metals has been supported by elevated central-bank purchases and steady inflows into exchange-traded funds. Moreover, strong industrial demand and robust ETF inflows have also supported the rise of Silver. Silver plays a critical role in the global supply chain, with applications spanning electronics, solar panels and medical device coatings.
“What sets silver apart is its wide application in industrial uses. In the modern sunrise industries like EVs, solar energy, manufacture of electronic devices mobile phones etc silver is used. The impressive growth of these industries have pushed up the demand for silver. In the absence of corresponding increase in supply of this scarce metal, price has shot up. There can be some profit booking, but silver prices are likely to remain resilient,” said V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
Silver – Technical View
Offering a technical view, Renisha Chainani, Head of Research at Augmont, said silver had reached an important resistance level. “Silver has touched the second target resistance of $72 (around ₹223,000). I think it’s time to book profits, as the rally seems overdone. We can see a price retracement up to $68 (around ₹210,000). But, if silver continues its bullish momentum, the next target is $75 ( ₹235,000).”
As Christmas bells ring across global markets, silver’s remarkable ascent has given investors much to celebrate, turning the festive season into a truly golden—and silver—moment.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
