Gold reached record levels of 3,000 and 4,000 dollars per ounce in March and October last year, respectively. Platinum rose 4% in spot trading to 2,735 dollars per ounce after hitting a record high of 2,749.2 dollars earlier. Silver prices surpassed the 100-dollar-per-ounce level for the first time ever on Friday evening, jumping 4.5% in spot trading to 100.49 dollars per ounce, while gold set another unprecedented record at 4,976.49 dollars per ounce, up 0.8%, as investors flocked to safe-haven assets amid geopolitical turmoil and expectations of U.S. interest rate cuts. U.S. gold futures for February delivery rose 1.3% to 4,978.60 dollars per ounce. Philip Newman, director of Metals Focus, said: "Silver should continue to benefit from many of the same forces that support investment demand for gold." He added: "Additional support will come from ongoing tariff concerns and low physical liquidity in the London market." Silver rose by more than 200% last year, also driven by ongoing challenges in scaling its processing and a persistent supply shortage in the market. Since the beginning of the year, increased demand for safe-haven assets has been fueled by tensions between the U.S. and NATO over Greenland, concerns about the independence of the Federal Reserve, and continued uncertainty over tariffs. Purchases by central banks and the broader trend away from the dollar have pushed gold prices to record levels. The Federal Reserve is expected to keep interest rates steady at its January 27-28 meeting, but markets still anticipate two more rate cuts in the second half of 2026. Gold, which yields no income, benefits from falling interest rates. Palladium jumped 4.3% to 2,002.22.
