Silver holds near £45 an ounce as industrial demand keeps the market tight

Silver closed Thursday at about $59.86 an ounce on spot price data published by JM Bullion, which works out at roughly £45 an ounce, or about £1.45 a gram, at Thursday's exchange rate. That sterling figure is approximate, because the quote is published in dollars. It leaves silver a little above the £43.50 an ounce level seen earlier this week, and within touching distance of $60, a mark the market has tested repeatedly through July.

The reasons given for the strength are as much industrial as financial. Coverage from Cryptobriefing points to demand from solar panels, electric vehicles and semiconductor manufacturing growing faster than mine supply for several years running, alongside a softer US dollar as traders position for Federal Reserve rate cuts later in 2026. The same reporting cites forecasts from banks including JPMorgan for average silver prices of $70 to $90 across the rest of the year. Forecasts are not promises, and silver is historically more volatile than gold.

For comparison, Forbes Advisor UK quoted gold at £3,101.16 an ounce on Friday morning, which puts the gold to silver ratio near 69.

One point specific to UK buyers: investment silver carries VAT at 20 per cent, while investment gold does not. Your all-in cost is spot plus dealer premium, VAT where it applies, and any delivery or storage fees. This is information, not financial advice.