Silver climbed towards $53 an ounce on Thursday as precious metals extended their sharp post-election rally alongside gold, which topped $4,100 for the first time in more than two weeks.
Silver was trading around $53.10 per ounce during Asian hours on Thursday, November 5, according to Moneta Markets, after rebounding from a low near $48.96. Gold surged past $4,100 after its biggest daily gain since mid-August, with spot prices reaching $4,124.76 by 10:35 UTC, up $66.10, or 1.63 per cent, on the previous close.
Dollar weakness lifts metals
The rally was driven by a weaker US dollar after Democrats swept the US midterm elections, with investors betting that political pressure could ease tensions in the Middle East and bring high oil prices down. Brent crude fell more than 8 per cent on Wednesday. The dollar index edged down 0.2 per cent to 101.7, while the 10-year Treasury yield fell four basis points to 4.919 per cent, according to CNBC data cited in market reports.
What comes next
Analysts say gold could extend towards $4,150 if Friday’s US payrolls report is soft and the dollar stays weak, whereas a close back below $4,000 would put the breakout at risk. Silver, which often moves further and faster than gold in both directions, will be watched closely by retail buyers in India ahead of Dhanteras on Friday, when silverware and coins are traditional purchases. The gold-silver ratio stood at 78.1, according to live price data.
Silver’s wilder ride
Silver often moves further and faster than gold, and this week has been no exception, rebounding from near $48.96 towards $53 in a matter of days. That volatility cuts both ways: silver can outpace gold in a rally and fall harder in a retreat. Beyond jewellery and coins, silver is an industrial metal used in electronics and solar panels, so its price also reflects manufacturing demand, not just investor sentiment. For buyers ahead of Dhanteras, when silverware and coins are traditional purchases, the sharp move is a reminder to compare making charges and dealer premiums, which can vary widely. The gold-silver ratio at 78.1 shows silver still looks cheap next to gold on a historical basis.
