NEW YORK, Jan 23, 2026, 14:51 EST
- Spot silver climbed past $100 an ounce, marking a new record high.
- Gold neared a fresh record, approaching $5,000, driven by safe-haven buying and expectations of rate cuts.
- Platinum and palladium surged, pushing the rally in precious metals even further.
Silver broke past $100 an ounce on Friday, hitting a new record as gold climbed further into untested levels, nearing the $5,000 mark. The rush into safe-haven metals has broadened beyond gold, sparking a cross-metal rally. 1
The shift is significant as investors increasingly view precious metals not just as a trade but as a safeguard, driven by renewed geopolitical tensions and policy uncertainty. The prospect of U.S. interest rate cuts has played into this too: lower rates make holding non-yielding bullion less costly in terms of forgone interest.
Tight physical availability and thin liquidity—particularly in the London market—are sparking sharp price swings as buyers scramble for limited supply. 2
Spot silver — the cash price for immediate delivery — climbed roughly 5% to $100.94 an ounce late in trading, after hovering near record highs for most of the week. Over the past year, the metal has soared over 200%, driven by supply shortages and challenges in expanding refining capacity.
Philip Newman, a director at Metals Focus, said, “Additional support will come from ongoing tariff concerns and still low physical liquidity in the London market.”
Gold climbed about 0.6% to $4,964.81 an ounce, hitting a record high of $4,988.17 earlier in the session. February delivery U.S. gold futures closed up at $4,979.70.
“Gold’s role as a haven and a diversifier … is making it a necessity for strategic portfolios,” said Tai Wong, an independent metals trader, highlighting what he called a deeper shift in investor positioning.
Other precious metals followed the same upward trend. Platinum reached a record $2,771.10 before settling near $2,744.40, up about 4.4%. Palladium rose close to 4.1%, hitting $1,999.64, driven by strong investor demand across the sector.
HSBC highlighted rising demand for platinum as investors seek a cheaper alternative to gold. The bank also predicts the platinum market’s structural deficit will widen to 1.2 million ounces this year, fueling the supply-driven rally further.
Gold’s rally has been gaining momentum for months. Last year’s jumps past $3,000 and $4,000 an ounce now seem like mere milestones. The surge has been driven by central bank purchases and a wider move away from the U.S. dollar, paired with rising concerns over global tensions.
Gold is on track for its best weekly gain since 2020, while silver breaking into triple digits only adds momentum to the idea that this rally isn’t limited to just one metal. 3
The run-up has been swift, which adds risk. A quick change in rate expectations, a thaw in geopolitical tensions, or some profit-taking in thin markets could spark steep sell-offs — silver is especially prone to bigger swings than gold since it serves both investment demand and industrial purposes.
Some strategists remain bullish. David Roche from Quantum Strategy told CNBC that gold might hit $6,000. Meanwhile, Citi commodities strategist Kenny Hu said, “the multitude of bullish drivers are now likely to remain intact during 1Q’26,” according to 4 .
Retail buyers tracking the market often find the “spot” price isn’t the final figure on their invoice. Fortune highlighted that physical purchasers usually pay extra—covering markups, shipping, and insurance. Plus, when demand surges, bid-ask spreads can widen. 5
