Silver Surges to $31.7 on Supply Deficit

Silver remained above $31.40 per ounce on Friday, staying close to a seven-week high as the Silver Institute forecasted a significant market deficit for the metal in 2025 for the fifth year. This shortfall is primarily driven by strong industrial demand and retail investment, which are expected to outweigh declining consumption in jewelry and silverware. Silver contributes to industries such as solar panels, electric vehicles, and consumer electronics. Although global silver production is set to rise this year with higher output from China, Canada, and Chile, the ongoing supply deficit is expected to persist.

Technically, the first resistance level will be 31.80 level. In case of this level’s breach, the next levels to watch would be 32.50 and 32.90. On the downside, 30.85 will be the first support level. 30.20 and 29.30 are the next levels to observe if the first support level is breached.