Silver breaks $75 as gold, platinum hit record highs
Silver surged past the $75 mark for the first time on Friday, extending a powerful rally across precious metals as gold and platinum also climbed to record highs amid strong speculative momentum, expectations of U.S. interest rate cuts, and escalating geopolitical tensions.
Spot silver jumped as much as 3.6%, touching an all-time high of $75.14 per ounce before easing slightly. The metal has now gained an extraordinary 158% year-to-date, significantly outperforming gold, which is up nearly 72% over the same period, News.Az reports, citing Reuters.
Gold continued its historic run, rising 0.6% to $4,504.79 per ounce after hitting a fresh record of $4,530.60 earlier in the session. U.S. gold futures for February delivery also climbed to new highs.
Analysts say the rally has been fueled by thin year-end liquidity, aggressive speculative buying, and growing expectations that the U.S. Federal Reserve will deliver further interest rate cuts next year. A weaker dollar and renewed geopolitical risks have further boosted demand for safe-haven assets.
“Momentum-driven and speculative players have been powering the rally in gold and silver since early December,” said Kelvin Wong, senior market analyst at OANDA. Looking ahead, he said gold could approach $5,000 per ounce in the first half of 2026, while silver may climb toward $90.
Gold’s gains this year mark its strongest annual performance since 1979, supported by central bank buying, rising exchange-traded fund holdings, de-dollarisation trends, and ongoing global uncertainty.
Meanwhile, platinum and palladium — often referred to as silver’s “sister metals” — also posted sharp gains. Spot platinum surged nearly 8% to $2,393.40 per ounce after reaching a record $2,429.98, while palladium rose more than 5% to $1,771.14, near a three-year high.
Platinum has now risen roughly 165% year-to-date, while palladium is up more than 90%, driven by tight supply, tariff uncertainty, and strong industrial demand, particularly from the automotive sector.
“Platinum prices are being supported by strong industrial demand and stockists covering positions amid sanctions-related concerns,” said Jigar Trivedi, senior research analyst at Reliance Securities.
All major precious metals are now on track for weekly gains, reinforcing expectations that the rally could extend into 2026 if rate cuts materialize and geopolitical risks remain elevated.
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