Silver price hits $100 milestone, gold price nears $5,000

Silver topped $100 an ounce for the first time on Friday amid surging demand for haven assets and frenzied buying in retail markets from Shanghai to New York.

As of noon ET, the metal had surged over 5% to set a new record of $101.22 per ounce, after starting the week below $90 an ounce.

Silver’s advance this week was fueled by a spike in safe-haven demand following a rift in US-Europe relations, as well as a wave of retail buying in China.

In addition to being a financial asset, silver also has a key industrial role, in particular the solar panel industry. This has driven up concerns that the metal could be hit with US tariffs, further supporting prices.

Longer term, silver’s outlook is elevated by concerns over a supply deficit in the years ahead.

Friday’s rally brings its gains this year to more than 25%, extending its scorching rally from 2025 that saw the metal more than double in value.

Gold nears $5,000

Meanwhile, gold also surged to a new record and is now closing in on the $5,000-an-ounce milestone.

At 4,987.69 per ounce, gold’s new peak takes its year-to-date gains to nearly 14%, following a 40% rise in 2025. Over the last five sessions, the metal has risen by 7%, on track for its best week since 2020.

Earlier this week, Goldman Sachs lifted its year-end price target to $5,400 per ounce, citing increased private-sector investment on top of central bank purchases.

(With files from Bloomberg)