At the beginning of the new year, the international silver price has hit record highs driven by the soaring gold price, and has reached an eight-year high since 1995. When the Shanghai Huatong platinum and silver trading market closed last Friday, the prices of some spot varieties had exceeded 1.700 yuan/kg.

Last year, the international silver price rose, which was mainly stimulated by the continued sharp depreciation of the US dollar and international geopolitical tensions. During the year, international silver futures prices rose by about 20%. Stimulated by the increase of international silver price and domestic export quota, the domestic spot price of silver even hit a new high. The silver in Shanghai Huatong platinum and silver trading market rose from 1.460 yuan/kg at the opening in the middle of last year to 1.650 yuan/kg at the end of last year, with an annual increase of about 13%. At present, the transaction price of the registered brand No.2 silver in Huatong market delivered on June 23rd this year is 1679 yuan/kg; The spot price of unregistered brand No.2 silver in Shanghai is 1.680 yuan/kg, both hitting new highs in a year.