The prices of gold and silver are both down Thursday morning, with silver plunging more than 10% following a heavy selloff in China in what has been a highly volatile week for metals, with analysts saying prices are expected to remain volatile in the near future.
Key Facts
The price of silver is $74.84 as of 9:10 a.m. EST, down more than 11%, a huge slide but a slight recovery from the low of $73.42 the metal hit earlier Thursday morning.
Gold is also down 2.2% Thursday morning to a price of $4,841.30 as of 9:10 a.m.
The plunge is a notable reversal from Tuesday, when gold and silver recouped some of the historic losses the metals faced last week: Gold recorded its biggest single-day gain in nearly two decades on Tuesday, reaching just over $4,900, while the price of silver shot up as much as 15%, approaching an intraday high of $90.
Saxo Bank analysts told the Wall Street Journal Thursday morning the silver plunge follows “heavy selling” in China, noting that “silver is likely to continue trading violently in both directions” as the metal’s price remains volatile.
Metals Daily CEO Ross Norman also blamed volatile metals prices on “excessive and exuberant Chinese speculation” in a note Thursday, suggesting investors are stepping away from a market that “feels more like a casino than a marketplace.”
Jewelry Giant Pandora Swaps Platinum For Silver
Pandora, the world’s largest jewelry brand, said Wednesday it would pivot to producing platinum jewelry as the price of silver has risen. The company cited “volatility in global commodity markets,” saying it plans to “reduce its reliance on sterling silver.” The company touted platinum jewelry as an alternative to silver that does not tarnish and is water resistant. Berta de Pablos‑Barbier, CEO of Pandora, said the platinum line will allow the company to “navigate the new realities of raw material costs while offering consumers precious metal jewellery that is exceptionally well-suited for everyday wear.”
Why Have Metals Been So Volatile This Week?
After a months-long, historic price rally that lifted gold and silver prices to more than $5,600 and $121, respectively, metals prices crashed late last week in what was their worst day in decades. Prices plunged Friday shortly after President Donald Trump announced Kevin Warsh as his pick for the next Federal Reserve chair. Warsh has been considered hawkish on monetary policy and less likely to slash interest rates, which typically makes metals prices rise, than the other Fed chair candidates. The dollar also strengthened following his nomination, which put downward pressure on metals. Some analysts suggested the price crash wasn’t just about Warsh, but was also a response to how quickly and dramatically metals prices had rallied. John Stepek, a metals analyst for Bloomberg, said “it was just a matter of time” before gold and silver prices “ran into a brick wall.” Gold and silver briefly rallied earlier this week, which Neil Wilson, investor strategist at Saxo UK, attributed to a new wave of buying from investors who were “dipping their toes in the waters” with more “confidence that perhaps the worst of the volatility is over.”
Key Background
Metals saw a historic rally in 2025, with gold rising about 65% and silver surging 150%, with both continuing their rise in the first few weeks of January. Analysts have cited the massive surge to mounting international tensions—including between the United States and Venezuela, Iran and European nations—as well as concerns over the Federal Reserve’s independence, Trump’s tariffs and interest rate cuts. Demand for silver, necessary in technological sectors like electric vehicle production and AI, has also spiked.
This article was written by Conor Murray from Forbes and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.