Silver hits record high above $100/oz as gold closes in on $5,000 milestone

By Ashitha Shivaprasad and Kavya Balaraman

Jan 23 (Reuters) – Silver prices rose above $100 an ounce for the first time on Friday, while gold hit another record en route to $5,000/oz as investors pile into safe-haven assets amid geopolitical turmoil and on expectations for U.S. interest rate cuts.

Spot silver jumped 5% to $100.94 an ounce by 1848 GMT.

“Silver should continue to benefit from many of the same forces supporting gold investment demand,” said Philip Newman, a director at Metals Focus.

“Additional support will come from ongoing tariff concerns and still low physical liquidity in the London market.”

The white metal has surged more than 200% in the past year, also driven by ongoing challenges in scaling up refining of the metal and a persistent supply shortage in the market.

Spot gold was 0.6% higher at $4,964.81 an ounce, after touching a record of $4,988.17 earlier. U.S. gold futures for February delivery settled 1.4% higher at $4979.70. 

“Gold’s role as a haven and a diversifier in highly uncertain economic and political times is making it a necessity for strategic portfolios. It’s more than a perfect storm, which doesn’t last, it’s a sign of fundamentally changing times,” said Tai Wong, an independent metals trader.

Since the start of 2026, friction between the U.S. and NATO over Greenland, concerns about the Federal Reserve’s independence, and continued uncertainty over tariffs have driven a surge in demand for safe‑haven assets.

Central bank buying and a broader move away from the dollar have also underpinned gold’s rise. [USD/]

As a non‑yielding asset, gold is often favoured during periods of low interest rates. 

Gold hit significant milestones like $3,000/oz and $4,000/oz for the first time last year in March and October respectively, fuelled by U.S. interest rate cuts and conflicts around the world.

Commerzbank said in a note that it expects U.S. rate cuts to accelerate later this year following the appointment of a new Fed chair, a move that should give gold prices a boost again.

Platinum hit a record high of $2,771.10 an ounce and was last up 4.4% at $2,744.40.

This metal is attracting investor demand as a cheaper alternative to gold, HSBC said, adding that it expected a structural deficit in this market to widen to 1.2 million ounces this year.

Palladium, meanwhile, jumped by 4.1% to $1,999.64.

(Reporting by Ashitha Shivaprasad and Kavya Balaraman in Bengaluru; Editing by Tasim Zahid and Susan Fenton)