Silver tops $100 an ounce for the first time ever…gold within a whisker of $5,000

Rising safe-haven demand

With investment demand for safe assets remaining strong, international silver prices climbed above $100 an ounce intraday for the first time on record. Gold also pushed its peak higher to a record $4,979.

According to Reuters, spot silver was trading at $100.94 an ounce at around 1:48 p.m. local time on the 23rd, up 5% from the previous session. It was the first time silver had risen above the $100-an-ounce level.

Gold prices also kept rising, putting an unprecedented move above $5,000 an ounce within sight. On the New York Mercantile Exchange, the settlement price for February-delivery gold futures rose 1.4% from the previous session to $4,979.7 an ounce. Spot gold was $4,988.17 an ounce intraday.

After gaining 27% in 2024, gold surged 65% in 2025 and has continued its rally into the new year.

Gold has been tracing an upward trajectory as global investors reduce their exposure to the dollar, the world’s reserve currency, and increase demand for gold as an alternative safe haven.

Silver, which tends to move in tandem with gold, has also extended its rally as industrial demand rises and a chronic supply shortfall comes into focus.

Expectations for additional policy-rate cuts by the U.S. central bank are also providing momentum for gold. From September 2024 through December last year, the U.S. central bank continued cutting rates, lowering them by 1.75 percentage points from 5.25∼5.50% to the current 3.50∼3.75%.

Wall Street experts expect the U.S. central bank to cut rates an additional 1∼3 times this year, and believe expectations for further cuts could intensify depending on who is appointed as the next chair.

Philip Newman, managing director at precious-metals research firm Metals Focus, told Reuters, “Silver will continue to benefit from many of the same factors that underpin investment demand for gold,” adding, “Ongoing tariff concerns and still-low physical liquidity in the London market will also be additional supportive factors.”

Seul-gi Lee, Hankyung.com reporter seulkee@hankyung.com