Gold, silver, and platinum reached record highs on Friday, driven by speculative momentum, thin year-end liquidity, and geopolitical tensions. Investors are also pricing in potential US rate cuts.
Spot silver surged 3.6% to $74.56 per ounce, touching an all-time high of $75.14 earlier in the session. Analysts noted that silver tops have been driven by strong industrial demand, structural deficits, and its designation as a U.S. critical mineral. Gold also climbed 0.6% to $4,504.79 per ounce, while platinum rose 7.8% to $2,393.40 per ounce.
Kelvin Wong, senior market analyst at OANDA, said, “Momentum-driven and speculative players have powered the rally in gold and silver since early December. Thin liquidity, expectations of US rate cuts, a weaker dollar, and geopolitical risks are pushing precious metals to new records.”
Silver has outpaced gold this year, rising 158% compared to gold’s nearly 72% gain. Analysts project that silver tops could reach $90 in the first half of 2026 if current trends continue. Gold could move toward the $5,000 mark.
The rally has been fueled by Federal Reserve policy easing, central bank demand, rising ETF holdings, and ongoing de-dollarisation. Non-yielding assets like gold and silver benefit in a low-interest-rate environment, especially with traders expecting two US rate cuts next year.
On the geopolitical front, tensions have supported the metals rally. The US recently enforced a Venezuelan oil “quarantine” and struck Islamic State militants in Nigeria over attacks on local communities.
Platinum and palladium also surged, reaching record highs of $2,429.98 and $1,771.14, respectively. Strong industrial demand, tight supply, and investment rotations from gold have pushed platinum up roughly 165% and palladium over 90% year-to-date.
Market watchers say that thin year-end liquidity combined with speculative activity and geopolitical uncertainty is likely to keep precious metals, including silver, well-supported in the near term.
In other news read more about: Gold Tops $4,500 as Silver and Platinum Reach Record Highs
