Silver could soon steal the spotlight away from gold in what one analyst said may be a “powerful” run to its highest prices on record.

While that key source of demand has been absent in silver markets, ANZ said the grey metal will start to play catch up as investors hunt for cheaper haven alternatives to the lofty prices of gold.

Gold futures fell for a second straight session in the sharpest two-day percentage drop since August 2021, as investors sold off bullion to cover their losses from the wider market meltdown.

When it comes to investing in precious metals, silver might be an afterthought, given gold's run to record intraday highs 15 times so far this year. But the white metal could soon steal the ...