Silver hits record high

Silver prices rose above $100 an ounce ​for the first time ever on Friday, while gold hit another record en route ‌to $5,000/oz as investors pile into safe-haven assets amid geopolitical turmoil and on expectations for U.S. interest rate cuts.

Spot silver jumped 4.5% to $100.49 an ounce by 1649 GMT.

“Silver should continue to benefit from many of the same forces supporting gold investment demand,” said Philip Newman, a director at Metals Focus.

“Additional support will come from ‌ongoing tariff concerns and still low physical liquidity in the London market.”
The metal ​has surged more than 200% in the past year, also driven by ongoing challenges in scaling up refining of the metal and a persistent supply shortage in the market.

“Traders pushed steadily for and ‍achieved the milestone $100 print; investors will wait to see if it can sustain through the close or will there be profit-taking from recent speculators,” said Tai Wong, an independent metals trader.

Spot gold was 0.8% higher at $4,976.49 an ounce, after ⁠touching a record of $4,988.17 earlier. U.S. gold futures for February delivery added 1.3% to $4,978.60.

“Gold’s role as ‍a haven and a diversifier in highly uncertain economic and political times is making it a necessity for strategic ‌portfolios. It’s ‌more than a perfect storm, which doesn’t last, it’s a sign of fundamentally changing times,” Wong added.

Since the start of 2026, friction between the U.S. and NATO over Greenland, concerns about the Federal Reserve’s independence, and continued uncertainty over tariffs have driven a surge in demand for safe‑haven assets.
Central bank buying and a ⁠broader move away from ⁠the dollar have also ​underpinned gold’s rise.

On the U.S. policy front, the Fed is expected to hold interest rates steady at its January 27–28 meeting, but markets still expect two further rate cuts in the second half of 2026.

As a non‑yielding ‍asset, gold is often favoured during periods of low interest rates. Gold hit significant milestones like $3,000/oz and $4,000/oz for the first time last year in March and October respectively.

Platinum hit a record high of $2,749.2 an ounce and was last up 4% at $2,735.00.

This metal is attracting ​investor demand as a cheaper alternative to gold, HSBC said, ‍adding that it expected a structural deficit in this market to widen to 1.2 million ounces this year.

Palladium , meanwhile, jumped by ​4.3% to $2,002.22.