Silver is currently trading at $35.94 at press time, having started June at $32.99. It now sits at its highest price since 2011, highlighting the strength of its recent rally.
Earlier this week, the white metal surged to a 13-year high of $36.90, before retracing sharply amid renewed geopolitical tensions and shifting global trade dynamics.
The pullback has continued over the past three trading sessions. During European hours on Thursday, silver price slipped, extending its correction despite escalating Middle East tensions between Israel and Iran.
According to The New York Times, US and European officials believe Israel is preparing to launch an attack on Iran, prompting Washington to reduce its diplomatic presence in the region. While geopolitical unrest typically fuels demand for safe-haven assets like silver, traders appear to be taking profits after the metal’s recent breakout.
Meanwhile, additional macro pressures are influencing silver’s short-term movements. The US dollar remains relatively weak, which should, in theory, support metals prices, but silver failed to capitalize on this trend. Markets are also on edge as Washington prepares to send letters to its trading partners ahead of a looming tariff deadline, adding another layer of uncertainty.
Silver price forecast
Technical analysts remain optimistic about silver’s medium-term trajectory. Financial markets analyst Rashad Hajiyev commented this week that:
“Silver is forming another bullish formation. Legitimate breakout could take it to the $38 area anytime,” reinforcing the view that silver’s rally may not be over.
In response to a Finbold prompt, ChatGPT analyzed the latest market trends, technical indicators, and macroeconomic factors to predict where silver prices may land by June 30, 2025. The AI model forecasts silver trading around $38 per ounce at month’s end, with a potential range between $36 and $42, skewed toward the bullish side.
The AI model’s analysis suggests that multiple forces continue to support silver’s upside potential as the month progresses. Industrial demand remains robust, fueled by surging applications in solar panels, electric vehicles, and electronics.
At the same time, the global silver market faces a fifth consecutive year of supply deficits, with mining output struggling to keep pace with consumption.
Looking ahead, investors will be watching closely to see whether silver can regain momentum toward the $38 to $40 range in the coming weeks, particularly if tensions in the Middle East escalate or global trade talks falter. On the downside, a sustained break below $35 could trigger a deeper short-term correction, though longer-term fundamentals remain bullish.
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