Gold surged a record 16% year-to-date reaching an all-time high of $3,038 on Wednesday. It surged 15.6% year-to-date and is gearing up for another rally in the charts. The precious metal is attracting heavy bullish sentiments leading to an increase in funds from retail investors, institutional funds, and central banks. While gold is hitting new highs, its counterpart in the commodity market silver is not far behind either.
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Silver has also surged a record 14% year-to-date and is at par with gold prices in 2025. The XAG/USD index went from a low of $29 to a high of $34 in less than three months. All technical indicators point towards a bullish thesis for silver and the metal could rise mirroring gold’s achievement this year.
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Commerzbank Predicts Silver Will Touch $35 Next
Commerzbank, the leading European investment bank has predicted that silver prices will reach a new all-time high of $35 next. In the latest precious metals report, the bank wrote that the metal is on the path to hit $35. The global bank predicted last year that silver would breach the $33 mark but has now revised its target to $35.
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“It is just about one dollar shy of the 12-year high reached nearly five months ago. This level is likely to be reached soon, given gold’s ongoing rally,” wrote Carsten Fritsch, commodity analyst at Commerzbank. Therefore, silver prices still have room for an increase of $1 and could go beyond if it maintains its momentum.
The commodity markets have seen tremendous growth in 2025, with silver, copper, and gold racing ahead in value. The stock market has been relatively neutral, as Trump’s tariffs are forcing it to send mixed signals. If the trade wars continue, precious metals could gain the most, as they are seen as safe havens for investors.