Silver jumps to fresh record high amid strong demand

Silver prices surged in the European market on Monday to a new all-time high, extending gains for a second consecutive session, supported by the current decline in the US dollar, which is under heavy pressure amid escalating concerns over the independence of the Federal Reserve, especially after the US Department of Justice opened a criminal investigation into Chairman Jerome Powell.

This record rally was also driven by strong safe-haven demand for the metal, as global geopolitical risks intensify, particularly following US threats of potential military strikes against Iran.

Price Overview

• Silver prices today: Silver jumped 5.9% to $84.61 per ounce, an all-time high, from an opening level of $79.91, which also marked the session low.

• At Friday’s settlement, silver gained 3.8%, recording its first daily advance in three sessions, supported by renewed buying from retail investors.

• The white metal posted weekly gains of 9.75% last week, marking its first weekly rise in 2026, driven by strong demand for precious metals amid rising global geopolitical risks.

US Dollar

The US Dollar Index fell 0.45% on Monday, pulling away from a four-week high and heading toward its first loss in five sessions, reflecting broad-based weakness in the US currency against a basket of global currencies.

As is well known, a weaker US dollar makes dollar-priced commodities and metals more attractive to buyers holding other currencies.

Beyond profit-taking, the dollar’s decline reflects renewed concerns over the stability of the Federal Reserve, the world’s largest central bank, after US prosecutors launched an official criminal investigation into Chairman Jerome Powell.

The US Department of Justice opening a criminal investigation into the Federal Reserve chair is seen as an unprecedented step in US history, severely undermining confidence in the independence of US monetary policy.

Analysts warn that the investigation, which reportedly relates to Powell’s past testimony, puts the stability of the global financial system at risk and threatens to fuel heightened volatility in financial markets in the period ahead.

For his part, Powell broke his silence by confirming that he is subject to the criminal investigation, delivering a sharply worded message to both authorities and markets, stressing that he will not succumb to what he described as intimidation attempts by the administration of President Donald Trump.

Ray Attrill, head of foreign exchange strategy at National Australia Bank in Sydney, said that Powell appears to have grown weary of criticism from afar and is clearly moving onto the offensive. Attrill added that this open confrontation between the Federal Reserve and the US administration, if Powell’s remarks are taken seriously, is certainly not supportive of the US dollar.

Global Geopolitical Tensions

Iran has threatened to target US military bases in the Middle East if President Trump carries out his renewed threats to strike the country in support of protesters. A human rights organization reported on Sunday that unrest in Iran has resulted in more than 500 deaths.

These developments come as Trump projects US power globally, following the ouster of Venezuelan president Nicolás Maduro and discussions over the possible annexation of Greenland through purchase or force.