Silver bulls look to gold as solar demand loses shine - Arabian Gulf Business Insight | AGBI

AI desk brief

Silver is seen holding in the mid-$60s into next year, with analysts saying the metal could reach $80 if gold climbs to $5,000 by year-end. Friday’s spot level was $64 after a nearly 3% drop Thursday, while the recent weakness is being framed as long liquidation rather than fresh short selling.

The article highlights a key cross-current for traders: higher US rates and weaker industrial demand, especially from solar PV, are offsetting persistent supply deficits and support from a strong gold complex. JPMorgan expects solar demand for silver to fall 30% in 2026 versus 2025, while the Silver Institute says physical investment in the Middle East more than tripled to a record 353 tonnes in 2025 and total demand last year was 1.1 billion ounces, the lowest since 2021.