Gold prices hitting an all-time high have supported the rise in other metals. In January, the Silver Institute forecasted that the demand for silver would approach a near-record 1.2 billion ounces in 2024, up 1% from the previous year. This increase is primarily due to rising industrial applications, especially in the solar energy sector.

Experts predict a silver supply deficit for the fourth consecutive year, with the deficit expected to increase by 17% compared to 2023, exceeding 215 million ounces.

Silver Contract for September rose, with the settlement price on July 16 at $31.458 per troy ounce, up 1.69% from the previous session.

Platinum Contract for October reversed direction slightly, with the settlement price on July 16 at $1,011.5 per troy ounce, up 0.05% from the previous session.

Copper Contract for September decreased, with the settlement price on July 16 at $4.45 per pound, down 1.7% from the previous trading session.