PSLV

The most significant driver of PSLV's price increase was the dramatic rise in silver prices. Silver surged to record highs, breaking the $77 barrier for the first time, reaching $77.40/oz. This historic move was fueled by a combination of factors, including rate-cut expectations, geopolitical tensions, and thin year-end liquidity, which amplified price volatility.

The U.S. markets were experiencing a post-Christmas "bridge day" atmosphere, characterized by typically lighter holiday liquidity. This environment can lead to sharper price movements as traders react to news and sentiment.

The sentiment around precious metals was bullish, with investors seeking safe-haven assets and hedging strategies amid geopolitical and economic uncertainties. Silver, in particular, was experiencing a rare moment of being worth more than a barrel of U.S. crude oil, reflecting both metals' strength and oil's weakness.