Silver Blasts Past $75 as Gold and Platinum Smash Fresh Records

Gold, silver and platinum all pushed into record territory on Friday, riding a late-year cocktail of hype, thin holiday trading and a growing bet that US interest rates are headed lower, CNBC reports.

Gold climbed again, with spot prices up 0.6% to $4,504.79 an ounce by 0423 GMT after briefly hitting a new peak of $4,530.60. February US gold futures followed the move, rising 0.7% to $4,535.20.

But the real drama was in silver, which leapt 3.6% to $74.56 and tagged an all-time high of $75.14 along the way — a level that would’ve sounded wild not long ago.

Analysts say the rally has been supercharged by a familiar end-of-year setup: less liquidity, more momentum trading, and investors crowding into “safe-ish” assets as headlines turn messy.

“Momentum-driven and speculative players have been powering the rally in gold and silver since early December,” said Kelvin Wong, a senior market analyst at OANDA, pointing to thin year-end liquidity, expectations of extended US rate cuts, a weaker dollar, and geopolitical flare-ups as the fuel.

Wong said the move might not be done either, suggesting gold could head toward $5,000 in the first half of 2026, while silver could make a run at $90 if conditions stay supportive.

Gold is wrapping up one of its strongest years in decades — its biggest annual gain since 1979 — powered by Federal Reserve easing, geopolitical uncertainty, central bank buying, rising ETF holdings and the broader trend of de-dollarisation.

Silver has been even more explosive: up 158% year-to-date, compared with gold’s nearly 72% gain. Traders have pointed to structural supply deficits, heavy industrial demand, and silver’s profile boost after being listed as a US critical mineral.

Markets are also leaning toward two US rate cuts next year, which usually helps metals because they don’t pay interest — so when yields fall, the opportunity cost of holding them falls too.

Then there’s platinum, which didn’t just climb — it launched. Spot platinum surged 7.8% to $2,393.40, after touching a record $2,429.98 earlier in the session. Palladium also jumped, up 5.2% to $1,771.14, building on a three-year high from the day before.

Both metals — key ingredients in auto catalytic converters — have been lifted by tight supply, tariff uncertainty, and some investor rotation out of gold into other metals. Platinum is now up roughly 165% this year, and palladium more than 90%.

“Platinum prices are being supported by strong industrial demand,” said Jigar Trivedi, senior research analyst at Reliance Securities, adding that US stockists have been covering positions amid sanctions-related concerns, keeping prices elevated.

Geopolitics is also helping keep the “risk hedge” narrative alive. Traders pointed to Washington’s focus on enforcing a two-month “quarantine” of Venezuelan oil, plus the US strike on Islamic State militants in northwest Nigeria.

Bottom line: into the thin air of year-end trading, precious metals are acting like they’ve got rockets attached — and the market’s betting that easier rates and global tension will keep the shine on a while longer.