Silver blasted through $75 per ounce for the first time on Friday, fueling a roaring precious metals rally as gold and platinum also smashed all-time highs. The surge rode waves of speculative frenzy, bets on U.S. rate cuts, and spiking geopolitical risks.
Spot silver rocketed up to 3.6%, peaking at a historic $75.14 before pulling back slightly. It’s now up a stunning 158% year-to-date dwarfing gold’s 72% gain.
Gold kept its epic streak alive, climbing 0.6% to $4,504.79 per ounce after touching $4,530.60 intraday. February U.S. gold futures hit fresh peaks, too.
Thin year-end trading, bold speculator bets, and Fed rate-cut hopes supercharged the move, alongside a softer dollar and global tensions boosting safe-haven appeal. “Momentum-driven and speculative players have been powering the rally in gold and silver since early December,” noted Kelvin Wong, OANDA’s senior market analyst. He eyes gold nearing $5,000 by mid-2026 and silver pushing $90.
Gold’s banner year is best since 1979, which draws from central bank hoarding, ETF inflows, de-dollarization, and worldwide jitters.
Platinum and palladium, silver’s industrial kin, joined the party. Platinum leapt nearly 8% to $2,393.40 after a record $2,429.98, up 165% YTD. Palladium gained over 5% to $1,771.14, a near three-year high, with 90%+ yearly gains fueled by supply squeezes, tariffs, and auto demand.
“Platinum prices are being supported by strong industrial demand and stockists covering positions amid sanctions-related concerns,” said Jigar Trivedi of Reliance Securities.
All key metals eye weekly wins, with the rally poised to roll into 2026 if cuts come and risks linger.
Story by: Mercy Addai Turkson #ahotoronline.com