The rise in silver prices is mainly driven by multiple factors. First, global inflationary pressures persist, and investors are increasing their allocation to precious metals to hedge against currency depreciation. Secondly, silver possesses both financial and industrial properties, and against the backdrop of sustained growth in demand from the new energy, photovoltaic, and electronics industries, physical demand has clearly risen. At the same time, the weakening of the US dollar and the increase in expectations for interest rate cuts have reduced the opportunity cost of holding silver, attracting capital inflows. In addition, the intensification of geopolitical and economic uncertainties has also strengthened the safe-haven attributes of silver, jointly driving prices upward.
