HSBC raises silver price outlook

HSBC has lifted its silver price forecasts for 2025, 2026, and 2027, citing strong support from high gold prices and safe-haven demand in the face of geopolitical and economic uncertainty, reports Reuters.
The bank now expects average silver prices of $35.14 per ounce in 2025, up from $30.28 previously, $33.96 in 2026, against an earlier forecast of $26.95, and $31.79 in 2027, versus $28.30 formerly.
While silver prices have surged, HSBC cautioned that the rally is "due more to silver's relationship with gold than (to) underlying fundamentals", with record-high gold exerting a "strong gravitational pull" on silver.
Spot gold prices are up 29 per cent so far this year after hitting a record $3,500 per ounce in April with the US and China in the midst of a full-blown trade war, which triggered moves into safe-haven assets.
HSBC said that after four years of record-high growth, industrial demand for silver may edge lower this year, although any declines are likely to be limited.