Silver tops $75 as gold and platinum surge to records

Gold, silver, and platinum hit record highs on Friday, as speculative momentum and thinning year-end liquidity powered the precious metals, along with markets pricing in more US rate cuts, and rising geopolitical tension. Spot gold rose 0.6% to $4,504.79 per ounce, as of 0423 GMT, after touching a record $4,530.60 earlier, while US gold futures for February delivery climbed 0.7% to $4,535.20. Spot silver jumped 3.6% to $74.56 per ounce, after touching an all-time high of $75.14. “Momentum-driven and speculative players have been powering the rally in gold and silver since early December, with thin year-end liquidity, expectations of prolonged US rate cuts, a weaker dollar and a flare-up in geopolitical risks combining to push precious metals to fresh record highs,” said Kelvin Wong, senior market analyst at OANDA. “Looking ahead into the first half of 2026, gold could move towards the $5,000 level, while silver has the potential to reach around $90.”