Silver prices surged past the $100-an-ounce mark for the first time on Friday, while gold climbed to fresh records just shy of $5,000, extending a rally driven by escalating geopolitical tensions, supply constraints, and expectations of looser U.S. monetary policy.
The moves capped an extraordinary surge across precious metals that has intensified since 2025 and carried into early 2026, reflecting investors’ growing preference for assets seen as stable amid political and economic uncertainty.
Spot silver jumped 4.5% to $100.49 an ounce, while spot gold rose 0.8% to $4,976.49 after touching an intraday high of $4,988.17.
U.S. gold futures for February delivery climbed 1.3% to $4,978.60, underscoring strong demand across both physical and futures markets.
Analysts attributed the rally to a convergence of geopolitical strains and policy uncertainty that has reinforced the appeal of non-yielding assets.
Since the start of 2026, tensions between the United States and NATO over Greenland, concerns surrounding the Federal Reserve’s independence, and unresolved tariff issues have fueled demand for precious metals.
Central bank purchases and a broader shift away from the U.S. dollar have further supported gold’s rise.
Markets expect the Federal Reserve to hold rates steady at its January meeting, while still pricing in two interest rate cuts later in the year, a backdrop that traditionally benefits gold.
Silver has drawn additional support from tariff concerns, low physical liquidity in London, and ongoing difficulties in expanding refining capacity, contributing to a persistent supply shortage.
The metal has gained more than 200% over the past year, highlighting the scale of the move.
The surge has extended beyond gold and silver, reflecting a wider reallocation into commodities.
Platinum reached a record $2,749.20 an ounce, supported by investor demand and expectations of a widening structural deficit.
Palladium rose 4.3% to $2,002.22, while copper climbed above $13,000 a ton, nearing recent all-time highs.
Analysts said the rally has been amplified by fear of missing out and heightened uncertainty tied to global political developments, reinforcing the momentum across metals markets.