Silver hits $75 for the first time, gold and platinum set record highs
Kyiv • UNN
Silver hit $75 for the first time on Friday, with gold and platinum also setting record highs. This occurred amid speculative bets, expectations of US interest rate cuts, and rising geopolitical tensions.
Silver reached the $75 mark for the first time on Friday, and gold and platinum also hit record highs, as speculative bets, expectations of further interest rate cuts in the US, and growing geopolitical tensions pushed up precious metal prices, UNN reports with reference to Reuters.
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Spot gold rose 0.8% to $4515.73 per ounce as of 08:18 GMT (10:18 Kyiv time), after reaching a record high of $4530.60 earlier. US gold futures for February delivery rose 0.9% to $4545.10.
Spot silver jumped 3.8% to $74.68 per ounce after reaching an all-time high of $75.14.
"Since early December, the rise in gold and silver prices has been driven by both speculative factors and market inertia. Low liquidity at the end of the year, expectations of prolonged US interest rate cuts, a weakening dollar, and escalating geopolitical risks have collectively pushed precious metals to new record highs," said Kelvin Wong, senior market analyst at OANDA.
"In the first half of 2026, gold could approach the $5,000 mark, and silver could reach $90," he noted.
Gold has shown strong growth this year, recording its largest annual gain since 1979, driven by the easing of the US Federal Reserve's policy, geopolitical uncertainty, high demand from central banks, growing ETF positions, and de-dollarization, the publication writes.
Meanwhile, gold discounts in India reached a more than six-month high, as record prices limited retail purchases, while discounts in China fell compared to a five-year peak last week.
Silver has risen 158% year-to-date, outperforming gold, which has risen almost 72%, due to structural deficits, the inclusion of silver in the US list of critical minerals, and high industrial demand.
Given that traders are pricing in two US interest rate cuts next year, non-yielding assets such as gold are likely to remain well supported in a low interest rate environment, the publication notes.
On the geopolitical front, the US is focused on ensuring a "quarantine" for Venezuelan oil for the next two months. On Thursday, they struck Islamic State militants in northwestern Nigeria in connection with attacks on local Christian communities.
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Spot platinum rose 5.8% to $2349.65 per ounce, having earlier reached an all-time high of $2448.25, and palladium rose 7% to $1801.25 after a three-year high in the previous session. All precious metals showed growth this week.
Platinum and palladium, widely used in automotive catalytic converters, have risen sharply in price amid supply shortages, tariff uncertainty, and a reorientation of demand from gold investors: platinum prices have risen by approximately 160%, and palladium by more than 90% year-to-date.
"Platinum prices are supported by high industrial demand, and US suppliers are closing positions amid sanction concerns, which helps maintain high prices," said Jigar Trivedi, senior research analyst at Reliance Securities in Mumbai.