Silver rate today: Extending the rally for the fifth straight session, silver rates today touched a new peak of $84 per ounce. While climbing to this peak, the precious white metal went on to trump US tech giant NVIDIA as the second most valuable asset in the world. At $84 per ounce levels, silver became the second most valuable asset, with a net value of $4.65 trillion, as reported by the renowned Kobessi Letter from its ‘X’ handle. NVIDIA’s stock price ended at $190.53 per share on Friday, with a market capitalisation of $4.63 trillion.
At 6:20 PM ET, just 20 minutes after futures opened, silver prices surged to a record high of $83.75, up +6% from the previous close.
However, the precious white metal soon came under the profit-booking trigger and dropped around 5% from the record high within a few minutes. As reported by Reuters, Silver rates today retreated sharply after smashing through $80 an ounce for the first time, with traders taking profits from a record-breaking rally powered by a structural imbalance in supply and demand.
The white metal fell as much as 5% on Monday, after earlier spiking to a record $84 an ounce following five straight days of gains. A weaker dollar and escalating geopolitical tensions have contributed to the appeal of precious metals, driving them to all-time highs for silver, gold, and platinum at the end of the year.
By 7:30 PM ET, silver prices had fallen to a low of $75.15, erasing 10% of their value in 70 minutes.
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