Global precious metals markets witnessed an extraordinary surge on Friday as silver, gold, and platinum climbed to fresh record highs, fueled by speculative buying, thin year-end trading conditions, and growing expectations of further U.S. interest rate cuts.
Gold extended its rally in early trading, rising to historic territory after touching new intraday highs. Futures markets mirrored the strength, reflecting continued investor demand for safe-haven assets. However, it was silver that stole the spotlight, delivering sharper gains and outperforming gold during the session.
Silver surged aggressively, posting its strongest move in years and setting a new all-time high. The metal has been propelled by a combination of strong industrial demand, persistent supply constraints, and increased speculative interest, allowing it to outpace gold’s already powerful advance.
Market analysts note that the rally has been reinforced by thin liquidity conditions, a softer U.S. dollar, and expectations that monetary easing will extend well into next year. With non-yielding assets benefiting from lower-rate environments, investor appetite for precious metals remains strong.
Gold is now on track for its largest annual gain in decades, supported by central bank purchases, expanding exchange-traded fund holdings, and a broader trend toward de-dollarization. Silver’s performance has been even more dramatic, with gains far exceeding those of gold on a percentage basis this year.
Platinum also recorded a remarkable jump, reaching a fresh record as supply tightness and renewed investment flows boosted prices. Palladium followed the upward trend, continuing its recovery after recently hitting multi-year highs.
Geopolitical developments added another layer of support to the rally, with heightened global tensions increasing demand for hard assets as a hedge against uncertainty. Analysts believe that if current conditions persist, precious metals could remain well-supported into 2026, with silver positioned as one of the strongest performers in the sector.
