Silver was worth US$28.82 an ounce on the spot market at the time of writing, up 6.8%.
Some retailers have reportedly stopped accepting orders for physical silver products due to unprecedented demand.
Silver equities in Toronto shone, with Mexico-focused producer First Majestic Silver's share price (TSX: FR) jumping from below C$18 mid-week to a one-year high of $24.43.
The miner told the regulator on Thursday it was not aware of any material undisclosed information which would account for the recent increase in price and trading volume.
Gold was up slightly, above $1,855/oz on the spot market.
Aside from the sparkle, market futures were pointing to a downbeat start around the world this week.
Base metals were lower on the London Metal Exchange on Friday.
Elsewhere, Chinese January PMI data out this week will give the markets a better idea around the state of Chinese construction, Marex Spectron's Alastair Munro said.
Source: Kitco
