Silver Hits Record High, Gold Nears Peak - Geopolitics a Key Catalyst
Silver prices surged to a new post-Christmas record high on Friday, and gold reappeared near its all-time high on Wednesday, with escalating geopolitical tensions a key driver. Spot silver surged 2.2% to $73.4393 per ounce, marking its fifth consecutive gain. This year, the white metal has surged about 150% since a major short squeeze in October.
Meanwhile, gold approached its record high of over $4,525 per ounce on Wednesday. Ongoing tensions in Venezuela, where the US has escalated its blockade of oil tankers, have further enhanced the appeal of gold and silver as safe haven assets. Furthermore, speculation that the Federal Reserve will continue cutting interest rates in 2026 has also bolstered market optimism for both precious metals. Escalating geopolitical conflicts, including tensions between the US and Russia, are adding to global concerns and exacerbating economic uncertainty, further driving investors to seek refuge in gold and silver.
Source: Newsmaker.id