Silver Price Hits Decades High As Gold Rush Eases

Stock markets, meanwhile, were mixed as traders weighed a slew of issues: massive AI investments, corporate results, U.S. interest rates, the U.S. government shutdown, political turmoil in France and a Gaza ceasefire deal.

The price of silver topped $50 an ounce, attaining levels not seen since 1980, according to Bloomberg. The surge comes in the wake of sister safe-haven gold, which retreated after hitting a record above $4,000 an ounce on Wednesday.

"I think it's a catch-up effect," John Plassard, head of investment strategy at Cite Gestion Private Bank, told AFP.

He cited concerns about the U.S. economy, prospects of more interest rate cuts by the Federal Reserve this year and worries about France's debt.

"What's also happening -- and this is what gave silver an extra boost -- is that we've started hearing talk of a shortage of silver," Plassard said, noting that the metal is used as an investment asset as well as for industries such as solar panels.

Gold and silver are seen as safe haven investments in times of uncertainty. 

The dollar firmed against main rivals as it rebounds following a deep retreat for much of 2025.

The greenback's recovery is "being propelled by a dual engine: deteriorating conditions abroad and recalibrated expectations at home," said a note from Convera that pointed to political instability in France and "dovish pivots" in Japan.

On the equities front, major U.S. indices retreated from records the prior session amid a dearth of economic data due to a government shutdown.

U.S. stocks have been resilient despite Republicans and Democrats appearing no closer to reaching a deal to reopen the government over a week into the shutdown.

"Even the most bullish markets take a break sometimes," said Steve Sosnick of Interactive Brokers.

Investors are turning their attention towards company results.

Shares in soft drink and snacks giant PepsiCo jumped 4.2 percent after reporting a third-quarter sales increase that beat expectations.

Shares in Delta also climbed more than four percent after the airline posted strong profits and offered a bullish outlook on travel demand. 

But Boeing slid 4.1 percent following a Reuters report that Turkish Airlines could switch to Airbus for a recent plane order because of concerns about economic terms with engine supplier CFM International.

The Paris stock market dipped as French President Emmanuel Macron races to find a new prime minister after the resignation of Sebastien Lecornu tipped the country deeper into political crisis.

The Frankfurt DAX set a new record high. 

Ferrari had its worst slump since entering the Milan stock market in 2016, falling almost 15 percent at one point as an update to its 2030 financial guidance disappointed investors.

In Asia, the Tokyo stock market closed up 1.8 percent after business-friendly Sanae Takaichi recently became leader of Japan's ruling party.