By: Zawya

Precious metals rallied to unprecedented levels on Friday, fueled by anticipation of U.S. monetary easing and ongoing geopolitical uncertainty. Silver broke through the $75 per ounce barrier for the first time, while gold and platinum also climbed to all-time highs.

Spot gold rose 0.8% to $4,516.50 per ounce, having earlier touched a record $4,530.60. UBS analyst Giovanni Staunovo attributed the gains to the prospect of lower U.S. interest rates, which enhances the appeal of non-yielding assets like gold. The metal is poised for its strongest annual performance since 1979, supported by central bank purchases, ETF inflows, and de-dollarization trends.

Silver surged 4% to $74.82, after peaking at $75.14, extending a year-to-date rally of 158%. The metal has been buoyed by supply deficits, its classification as a U.S. critical mineral, and robust industrial demand.

Platinum and palladium also posted sharp gains. Platinum jumped 7.3% to $2,382.35, marking its strongest weekly increase on record, while palladium advanced 8.3% to $1,823.76. Both metals have benefited from constrained supply, investment rotation from gold, and recent signals from the European Commission regarding the future of combustion engines.

Staunovo noted that the relatively small market size of platinum and palladium can lead to outsized price movements when investor sentiment shifts. Low liquidity across precious metals markets is also amplifying volatility, contributing to the dramatic price advances seen this week.