Gold prices climbed during Asian trading on Wednesday, while silver surged to a fresh record high as growing uncertainty surrounding the U.S. economy boosted demand for safe-haven assets.
Other metals also moved higher. Platinum benefited from increased haven buying, while copper prices found support from expectations of additional stimulus measures in China, the world’s largest copper importer.
Spot gold rose 0.8% to $4,334.68 an ounce, while February gold futures gained 0.8% to $4,365.30 an ounce as of 00:27 ET (05:27 GMT). Gold was trading just $50 below its all-time high, keeping record levels firmly in sight.
Silver jumps to record high on strong haven demand
Silver prices rallied sharply, with spot silver climbing 3.6% to a record high of $66.3135 an ounce. Silver futures surged even more, rising 4.5% to $66.430 an ounce.
Markets are increasingly pricing in a potential silver supply deficit in 2026, driven by rising industrial and investment demand. The metal’s status as a U.S.-designated critical resource earlier this year has further strengthened its appeal.
Safe-haven demand has pushed silver significantly higher in 2025, as investors seek assets offering stability similar to gold but with a lower entry cost. As a result, silver prices are now up more than 100% year-to-date.
Analysts at ANZ said both gold and silver could extend their rallies into 2026, noting that uncertainty surrounding the U.S. economic outlook shows little sign of fading.
U.S. economic uncertainty lifts precious metals
Demand for safe-haven assets intensified after mixed U.S. economic data released on Tuesday, including nonfarm payrolls figures and a rise in the unemployment rate. The jobless rate climbed to a four-year high, raising concerns about the health of the U.S. economy.
Additional signs of slowing growth emerged from weaker-than-expected December purchasing managers index data. Delayed retail sales figures for October also pointed to softer momentum compared with the previous month.
The data arrived amid ongoing worries over liquidity conditions in U.S. financial markets, particularly after the Federal Reserve resumed Treasury purchases, widely referred to as quantitative easing, in December.
These developments supported demand for gold and other non-yielding assets, while also increasing speculation that the Fed may implement further interest rate cuts. Market focus is now shifting to U.S. consumer price index inflation data due on Thursday for further direction.
