Silver edged higher on 2 July 2026, trading at £44.52 per ounce, but the metal is down 18.42% since the start of the year. A one-day gain does little to offset that slide.
Silver rose 0.79% to £44.52 per ounce as of 10:05 a.m. GMT on 2 July 2026, up from yesterday's £44.17. The daily move nudges the metal higher.
A gain that barely dents the year's losses
The metal is up 2.04% over the past week, but that short-term bounce masks a sharper retreat. Silver trades 19.95% lower than a month ago, and it is down 18.42% since the start of the year.
The scale of the swing shows in the 52-week range. Over the past year silver has moved between an intraday high of £87.97 and a low of £26.08. Its all-time high came on 29 January 2026, when prices spiked to £91.20 per troy ounce — well above where the metal trades now.
Why silver moves the way it does
Silver's industrial demand sets it apart from gold. Most of the metal's demand comes from industries such as electronics and solar panels, and that link to industry makes silver more volatile than gold, according to Forbes Advisor.
Silver is often touted as protection against inflation, but Forbes Advisor notes the evidence is mixed: silver's industrial use makes it more responsive to business cycles and output than to inflation. The gold-to-silver ratio, which tracks how many ounces of silver equal one ounce of gold, tends to spike in crises — it hit nearly 125 in 2020 at the start of the COVID-19 pandemic.
Source: Forbes
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