Precious metal prices continued to soar this week, as gold and silver both hit record highs: $4,600 and $90, respectively.
At press time, the spot price of gold was $4,604, while silver was trading at $91.60 an ounce.
So far, silver has risen 28% in 2026, while gold is up 7%—impressive numbers, considering the year is just two weeks old.
Even platinum, whose price had been battered by issues in the automotive industry, has joined the party. At press time, platinum was fetching $2,390 an ounce—up $300 since the beginning of the year. That’s still below the all-time high of $2,500 that platinum hit in December. (Prior to 2025, its record high was $2,200, set in March 2009.)
But silver and gold have shown the largest gains. Most market watchers expect the two metals to reach two significant milestones—$100 and $5,000—sometime this year.
Analysts said the surge was partly fueled by concerns about the independence of central banks—in particular, President Trump’s campaign against Federal Reserve chair Jerome Powell.
“If you’re wondering why people are buying precious metals at all-time highs, the assault on the Fed is a reminder,” wrote Robin Brooks, a senior fellow at the Brookings Institution on X. “That’s a deeply destabilizing event that’s feeding safe haven demand.”
Never-ending world turmoil is also a factor, according to Forex.com market analyst Julian Pineda.
“Precious metals tend to consolidate their role as safe-haven assets during periods of uncertainty,” Pineda wrote on the trading site this week. “Just as gold has attracted defensive flows, silver appears to be playing a similar role as a temporary refuge amid current political and economic developments.”
On CNN, World Gold Council CEO David Tait credited the “inherent fear” of a debt spiral with driving most gold buying, including the heavy purchases from central banks.
(Photo: Getty Images)
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