Precious Metals Boom: Gold and Silver Hit Record Highs
Spot platinum surged 5.35% to $2,384.85 per ounce, after hitting an all-time high of $2,448.25, while palladium gained 6.26%.
Quick overview
- Silver has reached an all-time high of $75 per ounce, marking a 158% increase year to date.
- Gold and platinum also hit record highs, driven by speculative positioning and geopolitical tensions.
- The surge in precious metals is attributed to U.S. monetary policy uncertainty and strong industrial demand.
- Platinum and palladium have seen significant gains, with platinum up 160% this year and palladium over 90%.
Precious metals are posting extraordinary gains on Friday, with silver up 158% year to date. Uncertainty over U.S. monetary policy, tensions involving Venezuela, and a weaker dollar are fueling demand for safe-haven assets.
Silver climbed to $75 per ounce for the first time ever on Friday, in a session that also saw gold and platinum hit record highs, driven by speculative positioning, expectations of further U.S. rate cuts, and escalating geopolitical tensions.
Spot gold rose 0.8% to $4,522.89 per ounce, after touching an intraday high of $4,530.60. February gold futures advanced 0.9% to $4,545.10. Spot silver jumped 4.4% to $75.02 per ounce, after reaching a record $75.14 earlier in the session.
Gold has staged a powerful rally this year, marking its strongest annual performance since 1979. The surge has been driven by monetary easing from the Federal Reserve, geopolitical uncertainty, sustained central bank demand, rising ETF holdings, and the ongoing process of global de-dollarization.
Silver has significantly outperformed gold in terms of returns, gaining 158% this year, compared with a 72% increase for gold. Structural supply deficits, its inclusion on the U.S. list of critical minerals, and strong industrial demand have underpinned its performance.
With traders pricing in two U.S. rate cuts next year, non-interest-bearing assets such as gold remain well positioned in an environment of looser monetary policy.
Platinum and palladium also shine
Spot platinum surged 5.35% to $2,384.85 per ounce, after hitting an all-time high of $2,448.25, while palladium gained 6.26% to $1,833.07, following a three-year peak in the previous session. All precious metals were on track for weekly gains.
Platinum and palladium—both widely used in automotive catalytic converters—have benefited from tight supply conditions, tariff uncertainty, and a rotation of investment demand away from gold. Platinum is up 160% year to date, while palladium has gained more than 90%.
Copper also broke a historic threshold, climbing above $12,000 per metric ton. Like platinum, the metal has been supported by concerns over potential U.S. tariffs, which have so far been avoided.
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