Gold, silver and platinum extend record-setting rally

Gold notched another record high on Friday, while silver and platinum also extended gains to hit all-time peaks, powered by diminishing confidence in US assets on account of geopolitical tensions and economic uncertainty.

Spot gold was up 0.3% at $4,951.91 per ounce, as of 0358 GMT, after scaling a record $4,966.59 earlier in the day.

US gold futures for February delivery added 0.8% to $4,952.80 per ounce.

“Faith in the US and its assets have been shaken, maybe permanently, and this is driving money into precious metals. So the word rupture has been thrown around.

The dollar index than two-week low on Friday, having fallen 1% in the course of the week, making greenback-priced metals cheaper for overseas buyers, sell-off earlier in the week as investors were spooked by fresh tariff threats from Trump on the EU, before recovering.

EU leaders heaved a sigh of relief over US President Donald Trump’s U-turn on Greenland as they met for an emergency summit in Brussels late on Thursday while issuing a warning that they were ready to act if Trump threatens them again.

The US president for his part said he had secured total and permanent US access to Greenland in a deal with NATO.

The details of any agreement remain unclear and Denmark insisted its sovereignty over the island isn’t up for discussion.

Spot silver surged 2.6% to $98.71 an ounce, after hitting a record high of $99.20 earlier.

“The underlying story to silver is one about the outperformance of silver versus gold and its industrial applications,” Rodda added.

Markets anticipate the Fed will deliver two quarter-percentage point rate cuts in the latter half of 2026, raising non-yielding gold’s appeal.

Spot platinum gained 0.4% to $2,639.40 per ounce after hitting a record $2,684.43 earlier, while palladium lost 0.9% to $1,903.10.