Silver surged past the $75-per-ounce mark for the first time on Friday, with gold and platinum also hitting fresh all-time highs as expectations of US interest-rate cuts and rising geopolitical tensions boosted demand for precious metals.
Spot gold climbed 0.8% to $4,516.50 an ounce by 09:33 GMT, after briefly touching a record $4,530.60 earlier in the session. US gold futures for February delivery rose 1% to $4,547.70. Gold is now on track for its strongest annual performance since 1979, underpinned by Federal Reserve easing, sustained central bank buying, ETF inflows and ongoing de-dollarisation trends.
Markets are currently pricing in two US rate cuts next year, reinforcing support for non-yielding assets such as gold.
In physical markets, gold discounts in India widened to their largest level in more than six months this week, while discounts in China narrowed from last week’s five-year highs.
Silver jumped 4% to $74.82 an ounce, having earlier reached an all-time high of $75.14. The metal has surged 158% year-to-date, driven by persistent supply deficits, its designation as a US critical mineral and strong industrial demand.
Platinum rose 7.3% to $2,382.35 an ounce after hitting a record $2,448.25 earlier, while palladium gained 8.3% to $1,823.76, building on a three-year high reached in the previous session.
All major precious metals are heading for weekly gains, with platinum posting its strongest weekly rise on record. Platinum is up roughly 170% year-to-date, while palladium has gained more than 90%.
Both metals, which are key components in automotive catalytic converters, have benefited from tight supply conditions, tariff uncertainty and a rotation of investor interest away from gold.
“Platinum and palladium markets are much smaller than the gold market, and if a few investors start to view these metals as cheap, it doesn’t take much to trigger large price moves,” said UBS analyst Giovanni Staunovo. He added that the European Commission’s plans to soften the 2035 ban on combustion engines have provided an additional boost to prices.
