Silver surpasses $75 as gold and platinum hit records

Silver hit $75 for the first time on Friday, with gold and platinum also hitting record highs, as speculative bets, expectations of further U.S. rate cuts and rising geopolitical tensions boosted precious metals.

Spot gold rose 0.8% to $4,515.73 an ounce, as of 0818 GMT, after hitting a record high of $4,530.60 earlier. U.S. gold futures for February delivery rose 0.9% to $4,545.10. Spot silver jumped 3.8% to $74.68 an ounce, after hitting an all-time high of $75.14.

“Speculative and momentum-driven players have been driving the rally in gold and silver since early December, with tight year-end liquidity, expectations of prolonged U.S. interest rate cuts, a weaker dollar and rising geopolitical risks combining to push precious metals to new all-time highs,” said Kelvin Wong, senior market analyst at OANDA.

“Looking ahead to the first half of 2026, gold could advance towards the $5,000 level, while silver has the potential to reach around $90,” Wong said.

Gold staged a strong rally this year, posting its biggest annual gain since 1979, driven by the Federal Reserve's policy easing, geopolitical uncertainty, strong demand from central banks, rising ETF holdings and ongoing de-dollarization. Meanwhile, gold discounts in India hit a more than six-month high as record prices curbed retail buying, while discounts in China retreated from last week's five-year high.

Silver has soared 158% so far this year, outpacing gold's nearly 72% rise, due to structural deficits, its inclusion as a critical mineral in the United States and solid industrial demand. With traders pricing in two US rate cuts next year, non-yielding assets such as gold are likely to remain well supported in a low interest rate environment.

On the geopolitical front, the United States is focusing on imposing a “quarantine” on Venezuelan oil for the next two months. On Thursday, he took aim at Islamic State militants in northwestern Nigeria for attacks on local Christian communities.

Spot platinum rose 5.8% to $2,349.65 an ounce, after hitting a record high of $2,448.25 earlier, while palladium rose 7% to $1,801.25, after hitting a three-year high in the previous session. All precious metals were heading for weekly gains.

Platinum and palladium, widely used in automotive catalytic converters, have risen due to tight supply, tariff uncertainty and rotation of investment demand into gold: platinum is up about 160% and palladium more than 90% so far this year. “Platinum prices are supported by strong industrial demand, and stockists in the United States have been covering positions amid sanctions-related concerns, which is helping to keep prices elevated,” said Jigar Trivedi, senior research analyst at Mumbai-based Reliance Securities.