Precious metals continued a striking rally on Friday, with gold notching another record high, while silver and platinum also extended their gains to hit new peaks. The sustained increase came as investors sought safe-haven assets amid growing global uncertainty.

Spot gold rose about 0.4% to around $4,957 an ounce after climbing to a record near $4,967 earlier in the session. Meanwhile, U.S. gold futures for February delivery added roughly 0.9%, further underlining strong demand for bullion.

🌍 Investors Seek Safe Havens

Analysts said that confidence in some U.S. assets appears to have weakened, prompting money to flow into precious metals. A senior market analyst noted that shaken faith in the dollar and traditional assets may be driving this shift.

At the same time, the U.S. dollar index hovered near a more than two-week low, making dollar-priced bullion cheaper and more attractive for overseas buyers. These currency dynamics added to the metals’ appeal amid market volatility.

📊 Silver Surges and Platinum Gains Steam

Spot silver jumped sharply, rising about 2.8% to nearly $98.87 an ounce. The metal touched its own record high earlier in the day. Analysts noted that silver benefits from both its safe-haven role and its industrial uses.

Platinum also moved higher, gaining roughly 0.8% to around $2,650.90 an ounce. Prices hit a new peak during the rally. In contrast, palladium slipped slightly, moving lower despite strength across the broader metals complex.

💼 Geopolitical and Economic Drivers

Market participants pointed to several factors behind the metals’ strength. Geopolitical tensions and economic uncertainty have prompted investors to seek assets perceived as stable stores of value. In addition, expectations for U.S. Federal Reserve interest rate cuts later in the year have added to the metals’ allure, as lower rates tend to reduce the opportunity cost of holding non-yielding assets.

Meanwhile, leaders of the European Union breathed a sigh of relief after a recent diplomatic shift concerning Greenland, even as debates continue about strategic priorities and alliances.

📌 Broader Market Context

The rally in precious metals comes at a time when global stock markets have experienced turbulence and investor focus has shifted to assets that traditionally offer protection in uncertain times. The combination of a weaker dollar, geopolitical frictions and expectations of monetary easing has supported strong gains in gold, silver and platinum this week.