The pace of gold’s appreciation, the leader of the global market, may slow. Some analysts predict that silver will outpace gold in terms of price growth next year.

According to German technology company Heraeus Precious Metals, global silver prices will rise faster than gold in 2025. As a result, the yellow metal may give way to the white metal at certain points during the year.

The study highlights that the spot price of silver is expected to trade between $28 and $40 per troy ounce, marking an increase from 2024. Meanwhile, gold is anticipated to fluctuate in a price range of $2,450 to $2,950 per ounce, notching a smaller annual increase. Thus, silver is expected to outperform gold in terms of price growth in 2025, Heraeus Precious Metals concludes.

The report points to two main drivers behind silver's rally: a recovery in demand from the Indian market and growing interest in solar energy. Silver plays a key role as a component in photovoltaic panels for solar cells.

In late September 2024, silver prices soared to $32.71 per ounce, reaching the highest level since 2012. By mid-December, the white metal was trading at $30.88 per ounce.

Meanwhile, gold has retreated from its record highs set just before the US presidential election. On December 17, gold slipped below $2,650 per ounce. However, many experts and market participants remain optimistic about its upside potential in the coming year.