Silver's solar demand tops forecast, surging 64% last year

TOKYO -- Demand for silver from the solar panel sector jumped 64% last year, rising more sharply that previously estimated, according to the latest industry data, with the dynamic expected to help underpin prices for the precious metal.

Overall global demand for silver shrank 7% last year to 1.19 billion troy ounces, according to the Silver Institute, the first contraction since the onset of the COVID-19 pandemic in 2020. Demand for silver as jewelry fell 13%, and by 28% as a physical investment.