UBS has forecast that silver could continue its strong upward trend into 2026 after posting one of its best performances among major commodities in 2025.
The Swiss bank said silver prices may reach $85 per ounce within the next three months if current momentum holds.
UBS strategists added that silver could potentially trade at triple-digit levels later in the year, marking a historic milestone for the metal.
The outlook challenges views from some market participants who believe the silver rally has already peaked.
In a recent research note, UBS raised its price targets for both gold and silver, signalling continued confidence in precious metals.
The bank now expects gold prices to climb as high as $5,000 per ounce by the end of the first quarter, according to the report.
Analysts at UBS said the same macroeconomic forces that supported silver in 2025 remain firmly in place.
These factors include sustained investor demand for hard assets amid economic uncertainty and geopolitical risks.
UBS also pointed to the gold-to-silver ratio as a key indicator supporting further upside for silver prices.