Silver prices retreated sharply in global markets, falling as much as 8% from their intraday record highs after futures surged to a new all-time peak above $82 an ounce. March silver futures touched an early-session high of $82.67, extending gains by another 7% following a massive 11% rally on Friday—the metal’s biggest single-day rise since 2008.

The move marked what could have been silver’s seventh consecutive day of gains, capping a gravity-defying rally that has now eclipsed even the historic short squeeze witnessed in October. However, the sharp intraday reversal reflects thin trading volumes amid the ongoing holiday season, a factor that has amplified price swings in both directions.

Despite the pullback, silver remains one of the strongest-performing commodities of the year. Prices are up nearly 180% so far in 2025, with three trading sessions still remaining. This puts the metal on track for its best calendar-year performance since 1979, when silver posted gains of more than 200%.

Market participants attribute the extraordinary rally to a combination of speculative inflows, persistent supply deficits, and robust industrial demand. Analysts note that paper trading positions are increasingly being settled with physical metal, exacerbating tight supply conditions and intensifying the price surge.

Supply constraints are also underpinning strength in platinum markets. Platinum futures rose sharply, with January contracts crossing the $2,500-an-ounce mark in early trade—levels not seen since data collection began in 1987. Platinum prices have already gained more than 40% in December alone.

In contrast, gold prices remained relatively subdued, trading little changed on the day while holding firmly above the $4,550-an-ounce level.