Silver extended gains to 13-year highs and platinum reached the highest since early 2022, signaling growing investor appetite for precious metals used in key industries.
Spot prices for both metals continued to rally on Friday after spikes of more than 4% in the previous session. Gold edged higher at a slower pace.
The metals were aided by technical momentum as well as improving fundamentals, with a strong appetite for physical silver in India and resurgent Chinese platinum demand reinforcing the rallies, according to a note by Nicky Shiels, head of metals strategy at Geneva-based MKS PAMP SA.
Silver and platinum tend to trade in tandem with gold, which is seen as a haven in times of geopolitical uncertainty. Gold is up 28% this year as an expanding US-led tariff war boosted its safety appeal and central banks maintained elevated levels of buying.
Silver and platinum had been lagging behind, but they are now catching up, with year-to-date gains of 25% and 28%, respectively. Both are driven by the ebbs and flows of industrial demand.
Silver is a key input into photovoltaic solar panels, while platinum is used in catalytic converters in combustion engines and laboratory equipment. Both markets are heading for a deficit this year, following several years where demand outstripped supply.
Holding above $35 an ounce remains a "critical inflection point" for silver and, if sustained, should reignite retail interest, Shiels said. Meanwhile, a potential renewal in demand for platinum-backed exchange-traded funds could produce a speculative rally, given sticky and elevated lease rates indicate the market is tightening, she said.
Platinum ETF holdings are showing signs of picking up, and have expanded more than 3% since mid-May, according to data compiled by Bloomberg. Inflows into silver-backed ETFs have continued to grow since early February, with holdings up 8%.
Palladium also benefited from growing positive sentiment across the precious metals complex, climbing as much as 2% on Friday.
Spot silver rose 1.6% to $36.22 an ounce as of 9:50 a.m. in London. Platinum gained 2.1%, while gold edged 0.4% higher. The Bloomberg Dollar Spot Index was little changed.
Source : Bloomberg
Silver prices (XAG/USD) reversed their decline on Wednesday (January 7th) after three sessions of surges. Silver fell around 2.5% to around US$79.27 per troy ounce in the latest trading session, marki...
The silver market remains firmly focused on the fundamentals that support today's high prices. Despite some corrections in recent days, the underlying structure of the silver market remains tight due ...
Silver rose to around $79 per ounce on Tuesday, marking a third consecutive session of gains and moving toward record levels. The US attack on Venezuela and the capture of President Nicolas Maduro add...
Silver prices strengthened today, January 2, 2026, as investor interest increased at the start of the year. Market sentiment was driven by persistently high global uncertainty, leading silver to regai...
Silver prices traded steadily on Wednesday, December 31, 2025, as the year draws to a close. Price movements tended to be limited as many investors opted to hold off amid low liquidity and a relativel...
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more...
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data prompted market participants to shift expectations of...
The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to...