Silver prices surged above $100 an ounce for the first time on Friday, while gold climbed to yet another record and edged closer to the closely watched $5,000 per ounce level. Investors continued to flock to precious metals as safe-haven assets amid rising geopolitical tensions and growing expectations for U.S. interest rate cuts.
Spot silver jumped around 5% to $100.94 an ounce by 18:48 GMT, marking a historic milestone for the metal.
Philip Newman, director at Metals Focus, said silver is likely to keep benefiting from many of the same drivers supporting gold demand. He added that additional upside could come from persistent tariff uncertainty and tight physical supply conditions in the London market.
Silver has gained more than 200% over the past year, supported by difficulties in expanding refining capacity and an ongoing structural supply shortfall.
Gold prices also remained firmly bid. Spot gold rose 0.6% to $4,964.81 an ounce after hitting a fresh record of $4,988.17 earlier in the session. U.S. gold futures for February delivery settled 1.4% higher at $4,979.70.
Tai Wong, an independent metals trader, said gold’s appeal as a safe haven and portfolio diversifier during periods of economic and political uncertainty has made it a core holding rather than a temporary trade. He described the current rally as a reflection of deeper structural changes rather than a short-lived surge.
Since the beginning of 2026, tensions between the U.S. and NATO over Greenland, questions surrounding the independence of the Federal Reserve, and ongoing uncertainty around tariffs have all fueled demand for safe-haven assets.
Gold has also been supported by steady central bank purchases and a broader shift away from the U.S. dollar. As a non-yielding asset, gold typically becomes more attractive when interest rates are low or expected to fall.
The precious metal reached major milestones at $3,000 and $4,000 per ounce for the first time last year, driven by U.S. rate cuts and escalating global conflicts.
In a recent note, Commerzbank said it expects U.S. interest rate cuts to accelerate later this year following the appointment of a new Federal Reserve chair, a development that could provide further support for gold prices.
Other precious metals also rallied sharply. Platinum hit a record high of $2,771.10 an ounce and was last trading 4.4% higher at $2,744.40.
According to HSBC, platinum is attracting investor interest as a lower-priced alternative to gold. The bank added that it expects the market’s structural deficit to widen to 1.2 million ounces this year.
Palladium also advanced, jumping 4.1% to $1,999.64 an ounce.
