Silver crosses $77 mark while gold, platinum stretch record highs

Silver breached the $77 mark for the first time on Friday, ‍while gold and platinum ‍hit record highs, buoyed by ‍expectations of U.S. Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.

Spot silver jumped 7% to $77.12 per ounce, after hitting ‌an ‌all-time high of $77.11, marking a 167% year-to-date surge driven ​by supply deficits, its designation as a U.S. critical mineral, and strong investment inflows.

Spot gold was up 1.1% at $4,529.8. per ounce, after hitting a record $4,533.14 earlier. U.S. gold futures for February delivery added 1.3% to $4,559.

“Expectations ⁠for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.

Markets are anticipating two rate cuts in 2026, with the first likely around mid-year amid speculation that U.S. President Donald Trump could name a dovish Fed chair, reinforcing expectations for a more accommodative monetary stance.

The U.S. dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.

On the geopolitical front, the U.S. carried out airstrikes against Islamic State militants in northwest Nigeria, Trump said on Thursday.

″$77/oz and then $80 ‍in silver is within reach by year-end. For gold, the next objective is $4,686.81, ‌with $5,000 likely in the first half of next year,” Grant added.

Gold ⁠remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.

On ‍the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.

Elsewhere, spot platinum rose 8.7% to $2,411.46 per ounce, having earlier hit a record high of $2,448.25, ⁠while palladium climbed nearly 10% to $1,850.76.