Silver tops $75 as gold and platinum surge to records

Gold, silver, and platinum hit record highs on Friday, as speculative momentum and thinning year-end liquidity powered the precious metals, along with markets pricing in more U.S. rate cuts, and rising geopolitical tension. Spot gold rose 0.6 percent to $4,504.79 per ounce, as of 0423 GMT, after touching a record $4,530.60 earlier, while ‍U.S. gold futures for February delivery climbed 0.7 percent to $4,535.20. Spot silver jumped 3.6 percent to $74.56 per ounce, after touching an all-time high of $75.14. "Momentum-driven and speculative players have been powering the rally in gold and silver since early December, with thin year-end liquidity, expectations of prolonged U.S. rate cuts, a weaker dollar and a flare-up in geopolitical risks combining to push precious metals to fresh ‍record highs," said Kelvin Wong, senior market analyst at OANDA. "Looking ahead into the first ‍half of 2026, gold could move towards the $5,000 level, while silver has the potential to reach around $90." Gold ‌has staged a strong rally this year, recording its biggest annual gain since 1979, fueled ‍by