Silver surpassed $50 an ounce for the first time on Thursday amid a supply shortage and an economic environment that bolsters precious metals.

Spot silver briefly rose above $51 an ounce during Thursday's trading session after breaking the $50 an ounce threshold earlier in the day. It has since dipped back below $49 a share where it opened on Thursday. The last time silver traded around these levels was January 1980.

Spot gold prices fell 2% on Thursday after they crossed the $4,000 on Wednesday for the first time.

Precious metals investors booked profits in both silver and gold after prices for the safe haven assets declined in the wake of a ceasefire deal announced in the Israel-Hamas war in Gaza.

"Speculators are taking some gold chips off the table as the Gaza ceasefire

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