Silver Outlook & Market Analysis - Sucden Financial > Metals Outlook > Market Insights

Expert silver market insights

Our quarterly silver outlook is published in our Quarterly Metals Report, which covers base, precious and ferrous metals. The impact of supply and demand fundamentals and macroeconomic implications for silver is analysed. Our research team produce silver price range forecasts as part of the report.

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Silver Outlook – Q1 2025

Silver underperformed relative to gold in 2024, trading between $30–32/oz, weighed down by softer investor interest and macroeconomic headwinds. In Q1 2025, we expect silver to remain rangebound, with price movements driven by industrial demand, particularly from the solar sector. While ETF outflows and weaker economic growth limit upside potential, substantial global solar expansion, led by China, provides long-term support.

Metals

As we enter the first quarter of 2025, trade tensions heavily influence market sentiment, with Trump’s tariffs narrative shaping the overall momentum. Volatility has gripped major asset classes – including FX, bonds, and equities – as markets attempt to gauge the scale, timing, and likelihood of these tariffs being fully implemented. While Chinese New Year holidays traditionally bring a quieter tone to the first quarter of the year, tariff announcements - such as a 10% tariff on Chinese imports and a 25% tariff on aluminium and steel - are injecting moderate volatility into the metals complex. What can we expect in the metal markets in the first months of 2025?

Q1 2025