Silver tops $100 as gold nears $5,000 on extraordinary metals rally

Silver surged past $100 per ounce for the first time on Friday, extending a rally that has seen precious metals sharply outperform risk assets.

The metal climbed more than 4% on the day, bringing its gains to roughly 40% in 2026 and more than 230% over the past year, pushing silver’s market capitalization to about $5.6 trillion.

Gold continued to advance alongside silver, trading near $5,000 after reaching about $4,970 on Thursday, with prices up roughly 11% in 2026 and nearly 80% over the past year as demand for traditional safe havens remains elevated amid macro and geopolitical uncertainty.

Investor appetite for precious metals has intensified since Donald Trump took office in 2025, as markets grapple with trade uncertainty, geopolitical tensions, and questions around monetary policy.

Silver’s surge this week has been fueled in part by strained US relations with European allies and a lack of progress toward ending the war in Ukraine.

Concerns over the Federal Reserve’s independence have also supported the rally. Demand for precious metals picked up after Trump said he had concluded interviews for the next Fed chair, reviving fears of political pressure on the central bank.

The broader metals complex has moved higher as well. Palladium climbed back toward the $2,000 level and is up about 21% in 2026 after more than three years of subdued prices. Platinum has gained roughly 18% this year, while lithium has surged around 68%.