Silver rebounds to around £42 an ounce as gold slips below £3,000

Silver started the week higher, rising about 1.5% on Monday to $56.77 per troy ounce, which is roughly £42 per ounce, or about £1.36 per gram, at an exchange rate near 1.35 (the sterling figures are approximate). Gold moved the other way, slipping below $4,000, around £2,975, as the US-Iran conflict kept oil prices and rate-rise worries elevated.

The bounce follows a bruising stretch for silver. The metal has fallen around 13% over the past month and now trades at less than half its January record above $120, about £88 at the time, though it remains roughly 45% higher than a year ago. The gold to silver ratio sits close to 70:1, near the top of its 50-year range, a level some analysts read as a sign silver is cheap relative to gold.

Longer-term forecasts remain well above today's price. The LBMA analyst consensus for 2026 is $79.57, roughly £59, and JPMorgan's base case is $81. Analysts point to a sixth consecutive annual supply deficit, with industrial uses such as solar panels, electric vehicles and data centres taking about 58% of demand. Forecasts are not guarantees.

For UK buyers, remember the all-in cost: spot price plus dealer premium and any delivery fees, and VAT applies to most silver purchases. This is information, not financial advice.