Silver spot prices rose more than 4% Tuesday. Prices reached nearly $59 per troy ounce. A weakening U.S. dollar and persistent physical supply concerns fueled the move.
Lundin Mining Corporation suspended operations at its Caserones mine in Chile’s Atacama Region. A severe winter storm disrupted power and access to the facility. The company currently maintains its full-year production guidance.
The silver market continues to face a structural deficit. Growing industrial demand from solar and artificial intelligence sectors supports prices. Experts forecast a sixth consecutive year of supply deficits through 2026. Low global inventories increase investor sensitivity to sudden supply shocks.