Why has the price of silver hit a record high?

The price of silver has more than doubled this year, rising more than other precious metals, including gold.

Experts say the value of silver was also pushed up as strong demand from the technology industry outstripped supplies.

“Silver is not only an investment asset but also a physical resource,” and more manufacturers are finding a need for the material, said Kosmas Marinakis from the Singapore Management University.

The precious metal, which conducts electricity better than gold or copper, is used to produce goods like electric vehicles (EVs) and solar panels.

But the production of silver has fallen in recent years due to a lack of investment in the industry and mine closures.

Manufacturers have been racing to secure supplies of silver to ensure their operations are not interrupted by shortages, which has helped to push up prices on global markets, said Prof Marinakis.

He added that he expects the price of silver to remain high in the coming months.