Gold extended its record-setting rally on Friday, while silver and platinum also reached all-time highs as investors sought refuge from geopolitical tensions and growing doubts over US assets.
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Spot gold rose 0.4 percent to $4,957.10 per ounce as of 05:36 GMT (10:36am PKT), after earlier touching $4,966.59, a new peak. US gold futures for February delivery gained 0.9 percent to $4,958.30 per ounce. Analysts attribute the surge to diminishing confidence in US economic stability and mounting global uncertainties.
“Faith in the US and its assets has been shaken, maybe permanently, and this is driving money into precious metals,” said Kyle Rodda, senior market analyst at Capital.com.
The dollar index hovered near a more than two-week low, falling 1 percent over the week, which made greenback-priced metals more attractive for overseas buyers. Wall Street experienced a sharp sell-off earlier in the week, triggered by tariff threats from US President Donald Trump on the European Union, before partially recovering.
Spot silver surged 2.8 percent to $98.87 per ounce after reaching a record $99.34 earlier, boosted by industrial demand and its outperformance relative to gold. Spot platinum gained 0.8 percent to $2,650.90 per ounce, hitting a high of $2,684.43, while palladium declined 0.6 percent to $1,908.02.
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Market expectations of potential US Federal Reserve rate cuts later in 2026 are also supporting the appeal of non-yielding precious metals. Analysts say the combination of monetary easing and geopolitical tensions continues to drive investors toward gold, silver, and platinum as safe-haven assets.