Gold consolidates while silver soars

For some time, the behaviour of gold and silver prices has diverged, with silver’s underperformance since 2 April now correcting. This report looks at silver’s price drivers.

Jun 06, 2025

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This week, silver broke out into 12-year high ground on huge Comex volume, while gold with a firm undertone continued its recent consolidation. In European morning trade, gold was $3360, up $70 from last Friday’s close. Silver was $36.10, up $3.15.

Gold and silver are behaving differently. Judging by Comex open interest, gold is oversold and silver overbought, shown in the charts below:

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