(Reuters) -HSBC has lifted its silver price forecasts for 2025, 2026, and 2027, citing strong support from high gold prices and safe-haven demand in the face of geopolitical and economic uncertainty.

The bank now expects average silver prices of $35.14 per ounce in 2025, up from $30.28 previously, $33.96 in 2026, against an earlier forecast of $26.95, and $31.79 in 2027, versus $28.30 formerly.

While silver prices have surged, HSBC cautioned that the rally is “due more to silver’s relationship with gold than (to) underlying fundamentals”, with record-high gold exerting a “strong gravitational pull” on silver.

Spot gold prices are up 29% so far this year after hitting a record $3,500 per ounce in April with the U.S. and China in the midst of a full-blown trade war, which triggered moves

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