Silver Hits Record High Above $100/oz As Gold Closes In On $5,000 Milestone

Jan 23 (Reuters) - Silver prices rose above $100 an ounce for the first time ever 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 4.05% to $100.1 an ounce by 1547 GMT.The 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.

"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."

Spot gold was 0.48% higher at $4,959.98 an ounce, after touching a record of $4,967.03 earlier in the day. U.S. gold futures for February delivery added 0.98% ⁠to $4,961.20.

"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.

On the U.S. policy front, the Fed is expected to hold interest rates steady at its January 27–28 meeting, but markets still expect two ‍further rate cuts in the second half of 2026.

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

Spot platinum gained 4.21% to $2,740.25 an ounce.

HSBC said in a note that platinum is "attracting investor ​demand as a cheaper alternative to gold."

"We expect the ‍production/consumption deficit to widen to over 1.2 moz in 2026," the note added.

Palladium , meanwhile, jumped by 4.79% to $2012.11.

Source: Kitco