Metals on fire: Gold above $4,500, silver tops $75, platinum join record-breaking rally

Gold, silver and platinum surged to fresh record highs on Friday, underscoring a powerful rally across the precious metals complex as investors sought safety amid geopolitical tensions, a weaker US dollar and expectations of easier global monetary policy.

Gold remained the anchor of the rally, extending its strongest annual performance since 1979. Spot gold touched an intraday record of $4,530.60 per ounce before easing slightly to trade at $4,504.79.

Gold rally

The yellow metal has been supported by a confluence of factors, including expectations of prolonged Federal Reserve rate cuts, heightened geopolitical risks, sustained central-bank buying and a steady rise in exchange-traded fund (ETF) inflows. The broader narrative of de-dollarisation—where countries gradually reduce reliance on the US dollar as a reserve currency—has further reinforced gold’s appeal as a store of value.

In global markets, COMEX gold is trading just shy of all-time highs, hovering in the $4,530–4,540 per ounce range for the February 2026 contract. Technical indicators continue to point to a firmly bullish structure. Gold’s resilience has been notable, with every dip attracting fresh buying interest. As long as prices hold above the crucial $4,500 level, the near-term upside appears open toward the $4,600–4,650 zone, while strong support is seen in the $4,400–4,450 band.

Back home, gold futures on the Multi Commodity Exchange (MCX) echoed the global strength. February contracts jumped as much as Rs 1,188, or 0.86%, to a lifetime high of Rs 1,39,285 per 10 grams. April expiry contracts climbed even higher, rising Rs 1,366, or 0.97%, to an all-time peak of Rs 1,42,836 per 10 grams. MCX gold is consolidating near record levels around Rs 1,38,900–Rs 1,39,000, with a decisive breakout above Rs 1,39,000 potentially opening the door to Rs 1,40,000–Rs 1,45,000, while Rs 1,36,000–Rs 1,35,000 continues to act as a strong support zone.

Silver supremacy

Silver has been the standout performer, vaulting past the $75-per-ounce mark for the first time. Spot silver peaked at $75.1515 an ounce before settling at $74.56, marking a sharp 3.6% gain on the day. The white metal is now up an extraordinary 158% year-to-date, far outperforming gold’s nearly 72% rise. Analysts attribute silver’s surge to persistent supply deficits, its designation as a US critical mineral and robust industrial demand, particularly from clean energy and electronics sectors.

On the MCX, silver futures posted dramatic gains, with March contracts soaring ₹8,951, or 4%, to a lifetime high of ₹2,32,741 per kilogram. May delivery contracts surged ₹9,105, or 4%, to a record ₹2,36,757 per kg, marking the fifth consecutive session of record highs.

Platinum

Platinum also joined the rally, surging to an intraday high of $2,429.98 before last trading up 7.8% at $2,393.40. Strong investment demand and tight supply conditions have lifted platinum prices sharply in recent weeks, while palladium rose 5.2% to $1,771.14, extending its rally after hitting a three-year high.

Commenting on the rally, Kelvin Wong, senior market analyst at OANDA, said momentum-driven and speculative players have powered gains in gold and silver since early December, aided by thin year-end liquidity, expectations of prolonged US rate cuts, a weaker dollar and renewed geopolitical flare-ups. Looking ahead, Wong said gold could move toward $5,000 in the first half of 2026, while silver may have the potential to reach $90.

“Gold is holding above the crucial $4,500 level and could be eyeing $4,890, while silver is steady above $70 and may target $78 in the coming sessions,” said Manoj Kumar Jain of Prithvifinmart Commodity Research. He added that persistent risk aversion and a shift away from volatile assets continue to channel flows into precious metals. Meanwhile, the US Dollar Index (DXY) remained under pressure near two-month lows, hovering around 97.91, down marginally by 0.04 points. “Investor attention remains focused on the US blockade of crude shipments from Venezuela, ongoing Russia–Ukraine hostilities, and recent US military action against ISIS in Nigeria,” said Jigar Trivedi, Senior Research Analyst – Currencies & Commodities at Reliance Securities.

Meanwhile, the US Dollar Index hovered near two-month lows around 97.91. Analysts said markets are closely tracking geopolitical developments, including disruptions to Venezuelan crude shipments, the Russia–Ukraine conflict and recent US military actions, while also pricing in two 25-basis-point rate cuts by the Federal Reserve next year as inflation cools and labour market conditions soften.