Silver Hits $77 as Gold, Platinum Reach Record Highs

Silver just blew past a milestone that may have sounded far-fetched only a year ago. Spot silver surged 7% Friday, to about $77.12 an ounce, its highest level ever and up roughly 167% so far this year, reports CNBC. Analysts link the spike to tight supplies, strong investment, and Washington's decision to list silver as a "critical" mineral. Forbes notes that the need for silver in AI data centers and uncertainty around the Trump administration's tariffs have also played a role. Some strategists are now talking about $80 an ounce as a realistic near-term target, per CNBC.

Gold and platinum joined the rally with records of their own. Spot gold climbed to around $4,533 an ounce, while futures reached $4,559 an ounce, in what could be gold's biggest yearly gain since 1979. Platinum jumped nearly 9%, to about $2,411, after briefly touching $2,448, while palladium advanced close to 10%, to roughly $1,851. A weaker US dollar added fuel, making dollar-priced metals cheaper for foreign investors.

Behind the moves is a familiar mix of monetary and geopolitical forces. Traders expect the Federal Reserve to cut interest rates twice in 2026, potentially under a more dovish Fed chair if President Trump follows through on speculation about such an appointment. Meanwhile, ongoing geopolitical tensions, including recent US airstrikes on Islamic State militants in northwest Nigeria and the targeting of oil tankers to put pressure on Venezuela, have also bumped up demand for perceived safe investment havens, per Fortune.

Still, there are signs of strain at street level. In India, one of the world's largest gold consumers, jewelers are offering the steepest discounts in more than six months as high prices keep buyers away, per CNBC. In China, by contrast, discounts have narrowed sharply from last week's five-year highs, suggesting some stabilization. Metals strategist Peter Grant of Zaner Metals said that while profit-taking could emerge before the end of the year, he sees the broader upward trend as intact, with gold potentially reaching $5,000 in the first half of 2026.