As investment demand for precious metals, seen as a safe haven to replace the dollar, continued, international silver prices topped $100 per ounce intraday for the first time ever on the 26th (local time).
On the New York Mercantile Exchange, March delivery silver futures were transaction at $100.05 per ounce around 11 a.m. Eastern, up 3.8% from the previous session.
According to Reuters, spot silver also rose above $100 per ounce in morning trading Eastern time.
This is the first time silver has risen above $100 per ounce.
Rising geopolitical tensions over Greenland and Iran, a weaker dollar against major currencies, and expectations for monetary easing by the U.S. Federal Reserve (Fed) have fed de-dollarization, extending the rally in precious metals prices.
In particular, silver is facing stronger upward pressure as chronic supply shortages come to the fore amid rising industrial demand.
Gold prices also continued their rally and are on the verge of breaking $5,000 per ounce for the first time. On the New York Mercantile Exchange, February delivery gold futures were transaction at $4,958.3 per ounce at the same time, up 1% from the previous session. During the session, gold futures hit as high as $4,970 per ounce, setting a record high.