Silver price tops 80 U.S. dollars, setting record high

Silver prices surged past 80 U.S. dollars per ounce for the first time on Monday, hitting a new record high.

The silver futures price on the New York Mercantile Exchange surged to a high of 83 U.S. dollars per ounce on Monday, representing a gain of more than 175 percent since the start of the year, before retreating below the 80-dollar threshold. On the same day, the silver spot price on the London Metal Exchange briefly exceeded 80 U.S. dollars per ounce during the day.

Besides silver, recent volatility in copper prices has also captured significant market attention.

Benchmark three-month copper futures on the London Metal Exchange reached a record intraday high of 12,960 U.S. dollars a ton on Monday.

As of 10:30 Beijing time on Monday, the three-month copper price on the London Metal Exchange was 12,914.05 U.S. dollars per ton, marking a daily gain of 6.18 percent.

The Arab League convened an emergency meeting in the Egyptian capital Cairo on Sunday, strongly condemning Israel's recognition of Somaliland as an independent state and stressing the importance of upholding security, stability, sovereignty, and territorial unity.

Somaliland is an unalienable part of Somalia, said the league in a released statement, adding that Israel's recognition of Somaliland as an independent state is invalid, illegal, unacceptable, and seriously violates international law.

This move constitutes a blatant interference in Somalia's internal affairs, undermines Somalia's sovereignty and territorial integrity, threatens regional peace and security, and will escalate tensions in the Horn of Africa, the Red Sea, the Gulf of Aden, and broader regions, the league said.

The Arab League said it fully supports Somalia's sovereignty and territorial integrity and supports its adoption of all necessary measures within the framework of the United Nations to address acts of violation.

"We value the fast response from the permanent ambassadors at the Arab League for this urgent meeting. Based on the strong ties that bound the United Arab Emirates with the brotherly Somalia nation, we confirm our unequivocal support to all that support its security, stability, sovereignty, and territorial unity," said Hamad Obaid Al-Zaabi, Permanent Representative of the United Arab Emirates to the League of Arab States.

Some international observers said Israel's move is a dangerous precedent that would heighten regional instability and also expose the country's aim to establish a so-called "Greater Israel."

"Israel doesn't want peace and security in the region. That's why it's working on establishing new entities in the region, separating parts of countries from their mainland. That is a huge violation to the UN Charter and international law. This is a dangerous precedent in the world," said Mourad Fathy, a political analyst.

"Israel wants to expand its influence along the Red Sea due to its strategic importance and near the area around the Bab-el-Mandeb Strait, which controls the navigation there. [That] would give it an advantage. Israel wants to set foot in that region. This is part of an Israeli plan that aims at dividing the region, so that the establishment of 'Greater Israel' is possible," said Salah Gomaa, deputy editor in chief at the Middle East News Agency.

On Saturday, Egypt released a joint statement from the foreign ministers of 21 Arab and Islamic states rejecting Israel's move.

So far, more than 20 countries and international organizations have reiterated their support for Somalia's sovereignty and territorial integrity and condemned Israel for threatening regional and international security.

Israel on Friday recognized Somaliland as an independent state, soon drawing waves of criticism from the international community.

Somaliland declared "independence" from Somalia in the 1990s but has never received recognition from the international community.