Gold and silver prices have continued climbing sharply since the beginning of May, with silver posting especially strong gains in Canadian-dollar trading as investors increasingly turn to precious metals amid economic uncertainty and growing industrial demand.
Gold opened May at approximately $6,274 CAD per ounce before rising above $6,520 by May 11. Although prices eased slightly in subsequent sessions, gold remained elevated at about $6,427 CAD per ounce on May 13. Silver, meanwhile, surged from about $102.46 CAD per ounce on May 1 to roughly $119.75 by May 13 — an increase of nearly 17 per cent over the period.
| Date | Gold (CAD/oz) | Silver (CAD/oz) |
|---|---|---|
| May 1 | $6,274.51 | $102.46 |
| May 4 | $6,160.77 | $99.06 |
| May 5 | $6,206.28 | $99.18 |
| May 6 | $6,394.26 | $105.43 |
| May 7 | $6,400.21 | $107.15 |
| May 8 | $6,446.38 | $109.87 |
| May 11 | $6,522.88 | $119.00 |
| May 12 | $6,422.00 | $119.24 |
| May 13 | $6,427.39 | $119.75 |
The continued rise in bullion prices comes as investors weigh persistent inflation concerns, geopolitical instability and uncertainty surrounding global economic growth. Precious metals have traditionally benefited during periods of market volatility, with both gold and silver attracting renewed safe-haven demand in recent weeks.
Silver’s rally has been particularly notable because of its dual role as both a precious and industrial metal. In addition to investor buying, analysts point to increased demand linked to electronics, artificial intelligence infrastructure and renewable energy technologies.
“Silver is finally catching up to gold,” analysts cited by MarketWatch recently noted, adding that silver’s gains have outpaced gold so far this month as industrial demand and investor interest continue strengthening.
Market analysts also remain bullish on gold longer term, with several forecasting elevated prices through 2026 if economic and geopolitical pressures persist. Silver, while traditionally more volatile than gold, is also expected to remain supported by tightening supply and rising industrial consumption.
Canadian collectors and bullion investors have increasingly watched spot prices in Canadian dollars, as currency fluctuations can significantly impact domestic precious metal values even when U.S.-dollar spot prices remain relatively stable.