Global silver markets witnessed a dramatic plunge last Friday, marking the metal’s most significant daily decline in 46 years. International data revealed that silver futures plummeted by 31.4% to settle at $78.53, the sharpest one-day drop since March 1980. During a session defined by extreme volatility, prices momentarily touched lows near $73 per ounce before clawing back some losses. Meanwhile, spot silver fell by 27.2% to trade around $84.63 per ounce, highlighting the current instability in this sector.
Locally, a report by Almanassa highlighted a notable shift in Libyan consumer behavior, with many increasingly turning to silver as a strategic economic alternative and a haven. This surge in demand follows a rapid price hike where the cost per gram surpassed 20 Libyan dinars. In traditional markets, there is a growing trend of buyers meticulously inspecting pieces for authentic hallmarks and purity grades—such as 925, 900, and 800. This heightened interest has even led to instances of confusion, with some citizens taking metallic kitchenware to dealers in the mistaken belief they were solid silver. Experts suggest this reflects a sudden public fascination with the metal, alongside a pressing need for better awareness regarding its genuine characteristics.