Silver surged past $90 an ounce for the first time ($92.14 +22.32%), and gold hovered near a record high as pressure on the Federal Reserve, expectations of further US rate cuts, and heightened geopolitical tensions fuelled a powerful rally in precious metals.
Silver has surged over the past month, rising 42.82%, and is up 195.97% year on year, based on trading in a contract for difference (CFD) that tracks the commodity’s benchmark market.
Metals run hot as market prices rebound in global growth for 2026
- Almost the entire metals spectrum has had a strong start to 2026, with precious metals rallying alongside base and bulk commodities.
- Copper, aluminium, nickel, tin, zinc and lead have rallied 12%, 10%, 28%, 24%, 8%, and 7% over the past month.
- Gold, silver, platinum, palladium are up 7%, 43%, 31% and 14% over the past month.
“Fear about tariffs being added to silver has led to a large amount of silver getting stuck in the US, limiting flows into the global market,” said Liu Shiyao of Zijin Tianfeng Futures Co.
Strong investment demand has underpinned the rally, with speculative interest rising from Shanghai to New York. Trading volumes on Comex and the Shanghai Futures Exchange have remained elevated since late December.
Demand for gold and silver as hedges against inflation and financial instability is likely to persist this year, though gains may moderate, said David Chao, a global market strategist at Invesco Asset Management. He added that gold is likely to outperform silver amid ongoing geopolitical uncertainty.
