Silver tops $75 for first time as gold, platinum hit record highs

Silver hit $75 for the first time on Friday, December 26, 2025, with gold and platinum also striking record highs.

Spot gold rose 0.8% to $4,515.73 per ounce, as of 0818 GMT, after touching a record $4,530.60 earlier, while U.S. gold futures for February delivery climbed 0.9% to $4,545.10.

Spot silver jumped 3.8% to $74.68 per ounce, after touching an all-time high of $75.14.

A senior market analyst at OANDA, Kelvin Wong, told Reuters: “Momentum-driven and speculative players have been powering the rally in gold and silver since early December, with thin year-end liquidity, expectations of prolonged U.S. rate cuts, a weaker dollar and a flare-up in geopolitical risks combining to push precious metals to fresh record highs.

“Looking ahead into the first half of 2026, gold could move towards the $5,000 level, while silver has the potential to reach around $90.”

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Spot platinum rose 5.8% to $2,349.65 per ounce, after touching an all-time high of $2,448.25 earlier, while palladium climbed 7% to $1,801.25, following a three-year high in the previous session. All precious metals were headed for weekly gains.

Gold staged a strong rally this year, recording its biggest annual gain since 1979, fueled by Federal Reserve policy easing, geopolitical uncertainty, strong central bank demand, rising ETF holdings, and ongoing de-dollarisation.

Meanwhile, gold discounts in India hit a more than six-month high as record prices curbed retail buying, while China’s discounts retreated from last week’s five-year peak.

Silver soared 158% year-to-date, outpacing gold’s nearly 72% gain, on structural deficits, its listing as a U.S. critical mineral, and robust industrial demand.

With traders pricing in two U.S. rate cuts next year, non-yielding assets like gold are likely to remain well-supported in a low-interest-rate environment.

The Star