Silver crossed the $75 mark for the first time on Friday, December 26, 2025, as gold and platinum also climbed to record highs.

The surge was driven by expectations that the United States Federal Reserve may cut interest rates, as well as rising global tensions.

Gold prices rose by 0.8% to trade at $4,516.50 per ounce by 9:33 GMT, after earlier hitting a new record of $4,530.60.

According to UBS analyst Giovanni Staunovo, “Prospect of lower US interest rates is still supporting demand for gold and silver, lifting both metals to new record highs.”

Gold on track for $50 weekly gain as prices hold at $4,340 per troy ounce

He added that, “Low liquidity is amplifying the volatility across all precious metals.”

Gold is now heading for its strongest annual performance since 1979. This is being supported by expectations of easier US monetary policy, strong buying by central banks, increased investment through gold-backed funds, and a gradual shift away from the US dollar.

Market expectations currently point to the US Federal Reserve cutting interest rates twice next year [2026]. This outlook has increased demand for assets such as gold, which do not earn interest but are considered safe during periods of economic uncertainty.

In physical markets, gold discounts in India rose to their highest level in more than six months, while discounts in China eased after hitting a five-year high last week.

Silver jumped by 4% to trade at $74.82 per ounce after earlier reaching an all-time high of $75.14. The metal has gained about 158% so far this year, supported by supply shortages, its classification as a critical mineral in the United States, and strong industrial demand.

Platinum also recorded strong gains, rising by 7.3% to trade at $2,382.35 per ounce after earlier hitting a record high of $2,448.25. Palladium climbed by 8.3% to $1,823.76, extending gains after reaching a three-year high in the previous session.

Overall, all major precious metals are on course to end the week higher, with platinum recording its strongest weekly increase on record.

With additional files from Reuters

MA