Jewellery maker Pandora is moving to reduce its dependence on silver by introducing platinum-plated products, as the company seeks to protect its business from sharp swings in precious metal prices.

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.

Platinum soared above $2,300 an ounce for the first time, reaching an all-time high due to tight supplies and historically elevated borrowing costs.

Gold surged to a record high ahead of upcoming US economic data that could provide insights into the Federal Reserve’s monetary policy direction.