Silver sold for more than $100 an oz. for the first time on Friday amid surging demand for haven assets and strong buying in retail markets from Shanghai to New York.
As of 4:40 p.m. ET, the metal had surged over 6% to set a new record of $102.90 per oz., after starting the week below $90 an ounce.
The intensified Davos-Greenland rift in U.S.-Europe relations this week plus hefty retail buying in China pushed investors to precious metals, the traditional safe asset for portfolios.
Silver also has a surging industrial role as China and other nations ramp up solar power where the grey metal is used in energy-collecting panels. And there are bets the U.S. could target the metal with tariffs, which would also buoy prices.
Analysts looking down the road see a silver deficit, raising concerns about supply.
The metal has already gained more than 25% this month, after increases last year came in around 145%.
Gold nears $5,000
Meanwhile, gold also gained to a new record just dollars from the $5,000-an-oz. milestone.
At 4,987.69 per oz., 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 oz., citing increased private-sector investment on top of central bank purchases.
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