As gold edged closer to a historic milestone on Friday, it was silver that truly stole the show. The white metal surged past $100 per troy ounce for the first time ever, underscoring a powerful rally across the precious-metals complex.
Most-active silver futures settled at $101.33, jumping 5.2% to a fresh record high. Gold also posted a strong performance, settling 1.4% higher at $4,979.70, just shy of the psychologically important $5,000 level and marking its best weekly gain since March 2020.
The rally extended beyond gold and silver. Platinum continued its blistering advance, settling at a record $2,741.30, up 6.4% on the day.
These gains cap an exceptional start to 2026 for precious metals. Year-to-date, gold is up 15%, platinum has surged 32%, and silver has soared 43%, dramatically outperforming the S&P 500, which has gained just 1.2% over the same period.
Rising U.S.–Europe geopolitical tensions, robust investor demand, and lingering concerns over the Federal Reserve’s independence have fueled the surge. In an environment marked by uncertainty, investors have increasingly rotated into traditional haven assets to protect portfolios from volatility.
Macro fundamentals have added further support. Giovanni Staunovo, commodities strategist at UBS, pointed to lower U.S. interest rates (both real and nominal), a weaker U.S. dollar in the first half of the year, and persistent fiscal deficits in major economies as key drivers likely to sustain demand for precious metals.
That bullish outlook is shared by other major institutions. Earlier this week, Goldman Sachs raised its year-end 2026 gold price target to $5,400 per ounce, citing continued buying from private-sector investors seeking to hedge global policy risks.
“We assume private sector diversification buyers, whose purchases hedge global policy risks and have driven the upside surprise to our price forecast, don’t liquidate their gold holdings in 2026,” the bank said, effectively lifting the base for its outlook.
Meanwhile, the narrative of Bitcoin as a safe-haven alternative appears to be losing traction. Cryptocurrency prices, including Bitcoin, have shown greater volatility during periods of instability, and the world’s largest digital asset has trended lower since the start of January.
For now, amid geopolitical strain and macro uncertainty, investors are voting decisively for traditional havens—with silver emerging as the standout star of the precious-metals rally.
Frequently Asked Questions
Why did silver surge above $100 per ounce for the first time?
Silver rallied on a combination of strong investor demand for safe-haven assets, tight market conditions, and supportive macro factors such as lower U.S. interest rates and a weaker dollar. Geopolitical tensions also amplified demand.
How does silver’s performance compare with gold and platinum in 2026?
In 2026 so far, silver has been the top performer, rising about 43%, compared with 15% for gold and 32% for platinum, significantly outperforming major equity benchmarks like the S&P 500.
Why are investors favoring precious metals right now?
Heightened geopolitical risks, concerns over central bank independence, persistent fiscal deficits, and expectations of lower real interest rates have pushed investors toward traditional haven assets such as gold, silver, and platinum
What role do interest rates and the U.S. dollar play in the rally?
Lower real and nominal U.S. interest rates reduce the opportunity cost of holding non-yielding assets like precious metals, while a weaker dollar makes them more attractive to global investors.
Why are cryptocurrencies losing their appeal as safe havens?
Recent market behavior shows cryptocurrencies tend to experience higher volatility during periods of instability. With Bitcoin trending lower since January, investors are currently preferring the relative stability of traditional safe-haven assets.
