Irregular price movements and reduced liquidity were also recorded in the silver market on Friday, following a chaotic hours-long suspension in futures trading on the CME’s Comex Exchange. By the early US morning hours, most commercial operations had returned.

Silver’s new high comes just over a month after a sharp supply squeeze in the main silver trading hub in London last month, which pushed prices above Shanghai and New York levels. Although the arrival of nearly 54 million troy ounces eased this squeeze, the market remains remarkably tight, with the cost of borrowing the metal for one month staying above normal levels.

Flows toward the London market have now put pressure on other hubs, including China. Silver stocks in warehouses linked to the Shanghai Futures Exchange recently reached their lowest level since 2015, according to exchange data.

“In the short term, a further price increase cannot be ruled out if registered silver stocks in China continue to decline,” Commerzbank AG analysts wrote in a note Friday morning.

Traders are also monitoring potential tariffs on silver after the precious metal was added to the US Geological Survey’s list of critical minerals in November. Although 75 million ounces have left the Comex futures exchange vaults in New York since the beginning of October, fears of a sudden premium for US silver have caused some traders to hesitate before shipping metal out of the country.

Silver has increased by nearly 90% this year, as investors flocked to alternative assets in a broader retreat from government bonds and currencies, termed the debasement trade. Optimism regarding the metal’s fundamental supply and demand balance has supported prices — the market is set to record a fifth consecutive deficit this year. Unlike gold, a large share of silver demand is industrial, with applications in solar photovoltaics and electronics.

Spot silver was higher, at $55.16 an ounce at 4:52 PM in London. Spot gold rose to $2,700.