Silver prices crossed the important $100-an-ounce level on Friday, marking one of the strongest rallies seen in the precious metals market in many years. The metal touched a record high of $100.22 before falling slightly later in the day.
Prices have been rising because of strong buying by small investors, fast trades based on market momentum, and limited physical supply of silver. These factors have pushed silver higher quickly.
The rally in silver has happened at the same time as gold and platinum also hitting new highs. This shows overall strength in precious metals, helped by a weaker US dollar, which makes these metals cheaper and more attractive for global buyers.
However, the sharp and fast rise in silver prices has also made some market experts cautious. While many investors remain excited, others warn that such quick gains can lead to sudden price swings.