Gold, silver and platinum surged to record highs on Friday, driven by strong speculative momentum, thinning year-end liquidity and expectations of further US interest rate cuts, according to market analysts. Rising geopolitical tensions and a weaker US dollar also added to the rally across precious metals.
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Spot gold climbed 0.6% to $4,504.79 per ounce by early trading, after touching an all-time high of $4,530.60 earlier in the session. US gold futures for February delivery rose 0.7% to $4,535.20. The metal has staged a powerful rally this year, marking its biggest annual gain since 1979.
🚨 THIS IS NOT GOOD AT ALL
Look at the screen.
Gold up.
Silver up.
Copper up.
Platinum and palladium up.
Even oil.This almost NEVER happens at the same time.
Historically, when every major commodity rallies together, it means stress is intensifying.
Here’s why this matters:… pic.twitter.com/4U9zvwBuxt
— NoLimit (@NoLimitGains) December 26, 2025
Silver posted even sharper gains, jumping 3.6% to $74.56 per ounce after briefly hitting a record $75.14. Analysts said silver’s performance has been boosted by strong industrial demand, structural supply deficits and its listing as a critical mineral in the United States. The metal is up about 158% so far this year, significantly outperforming gold.
Market participants said expectations of prolonged US monetary easing have been a key factor. With traders pricing in at least two US rate cuts next year, non-yielding assets such as gold and silver are expected to remain well supported in a lower interest rate environment.
Platinum also surged, rising 7.8% to $2,393.40 per ounce after touching a record high of $2,429.98. Palladium gained 5.2% to $1,771.14, extending gains after hitting a three-year high in the previous session. Both metals are widely used in automotive catalytic converters and have benefited from tight supply conditions, tariff uncertainty and a rotation of investment demand away from gold.
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Analysts said platinum prices are being underpinned by strong industrial demand and stockpiling in the US amid sanctions-related concerns. All major precious metals are on track for solid weekly gains as investors seek safe-haven assets amid geopolitical uncertainty and shifting global economic conditions.