Gold and platinum reach all-time highs, while silver surpasses the $77 barrier.

Gold and platinum reached all-time highs on Friday, driven by geopolitical concerns and anticipation of rate reduction by the U.S. Federal Reserve, while silver broke through the $77 barrier for the first time.

After reaching an all-time high of $77.40 earlier today, spot silver surged 7.5% to $77.30 per ounce as of 1:53 p.m. ET (1853 GMT). This is a 167% year-to-date surge driven by supply shortages, its status as a U.S. essential material, and robust investment inflows.

After reaching a record $4,549.71 earlier, spot gold was up 1.2% at $4,531.41 per ounce. At $4,552.70, U.S. gold futures for February delivery ended the day 1.1% higher.

“Thin markets are experiencing volatility due to heightened geopolitical concerns, a weak dollar, and expectations for additional Fed easing in 2026. The trend is still solid, despite the possibility of profit-taking before the year-end, according to Peter Grant, senior metals strategist and vice president of Zaner Metals.

Markets are expecting two rate cuts in 2026, with the first probably occurring in the middle of the year due to rumours that US President Donald Trump would appoint a dovish Fed chair, which would further support expectations for a more accommodating monetary policy.

The dollar-priced gold was more appealing to foreign purchasers as the U.S. dollar index (.DXY) was on course for a weekly fall.

On the global front, Trump announced Thursday that the United States has launched airstrikes against Islamic State extremists in northwest Nigeria.

By year’s end, £80 in silver is within grasp. The next target for gold is $4,686.61, with $5,000 expected in the first half of the following year, Grant continued.

Underpinned by Fed policy easing, central bank purchases, ETF inflows, and continuing de-dollarization trends, gold is still on track for its largest yearly gain since 1979.

Physical demand-wise, gold discounts in China shrank significantly from last week’s five-year highs, while in India they expanded to their highest point in over six months this week as a continuous price rally restrained retail purchases.

In other news, palladium jumped 14% to $1,927.81, its best level in over three years, while spot platinum increased 9.8% to $2,437.72 an ounce after hitting a record high of $2,454.12.

Every precious metal had weekly advances, while platinum saw the biggest weekly increase ever.