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Gold, silver, and platinum hit record highs on Friday, as speculative momentum and thinning year-end liquidity powered the precious metals, along with markets pricing in more US rate cuts, and rising geopolitical tension.

Spot gold rose 0.6% to $4,504.79 per ounce, as of 0423 GMT, after touching a record $4,530.60 earlier, while US gold futures for February delivery climbed 0.7% to $4,535.20.

Spot silver jumped 3.6% to $74.56 per ounce, after touching an all-time high of $75.14.

“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 US rate cuts, a weaker dollar and a flare-up in geopolitical risks combining to push precious metals to fresh record highs,” said Kelvin Wong, senior market analyst at OANDA.

“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.”

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

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

On the geopolitical front, the US is focusing on enforcing a “quarantine” of Venezuelan oil for the next two months. On Thursday, it struck Islamic State militants in northwest Nigeria over attacks on local Christian communities.

Spot platinum rose 7.8% to $2,393.40 per ounce, after touching an all-time high of $2,429.98 earlier, while palladium climbed 5.2% to $1,771.14, following a three-year high in the previous session. All precious metals are headed for weekly gains.

Platinum and palladium, widely used in automotive catalytic converters, have surged on tight supply, tariff uncertainty, and rotation from gold investment demand, with platinum up roughly 165% and palladium more than 90% year-to-date.

“Platinum prices are being supported by strong industrial demand, and stockists in the US have been covering positions amid sanctions-related concerns, which is helping keep prices elevated,” said Jigar Trivedi, senior research analyst at Reliance Securities based in Mumbai.