Silver Tops $100 for the First Time Ever as Gold Nears $5,000 in Safe-Haven Rush

New York (The Financial News) – Lee Byung-chulSilver prices have broken above $100 per ounce for the first time in history. Gold has also renewed its record high, moving sharply closer to $5,000 per ounce. Analysts say that ongoing geopolitical tensions in 2026, combined with expectations of U.S. interest rate cuts, are driving investors' money into safe-haven assets.
On the New York Mercantile Exchange (NYMEX) on the 23rd (local time), March silver futures were trading at $100.05 per ounce around 11:00 a.m. Eastern Time (ET), up 3.8% from the previous session. Spot silver also traded above $100 per ounce.
Silver has surged more than 200% over the past year. Market participants point not only to rising demand, but also to structural constraints such as the difficulty of rapidly expanding refining and smelting capacity, along with persistent tightness in physical supply, as factors that have built up upward pressure on prices.
Gold prices continued their steep climb as well. Spot gold hit an all-time intraday high of $4,967.03 per ounce before trading at $4,959.98, up 0.48%. U.S. gold futures for February delivery rose 0.98% to $4,961.20.
The market increasingly views gold as re-emerging as a core asset in an era of uncertainty. Metals trader Tai Wong told Reuters, "Gold is essential to a strategic portfolio as a safe-haven and diversification tool in times of significant economic and political uncertainty," adding, "This is more than a temporary boost; it is a signal of structural change."
Multiple factors lie behind the surge in demand for safe-haven assets. Since the start of 2026, the United States and the North Atlantic Treaty Organization (NATO) have clashed over issues related to Greenland, while concerns have grown about the independence of the Federal Reserve System (Fed). On top of that, ongoing uncertainty over tariff policy has strengthened risk-off sentiment in financial markets.
Gold purchases by central banks and efforts to reduce reliance on the U.S. dollar are also supporting the rise in gold prices.
Expectations surrounding U.S. monetary policy are further fueling the safe-haven rally. The U.S. Federal Reserve (the Fed) is widely expected to leave rates unchanged at the Federal Open Market Committee (FOMC) meeting on January 27–28, but markets are still pricing in the possibility of two additional rate cuts in the second half of 2026. Because gold is a non-interest-bearing asset, it tends to become relatively more attractive when interest rates are falling.
The flow of funds into precious metals has spread beyond gold and silver. Spot platinum jumped 4.21% to $2,740.25 per ounce, while palladium surged 4.79% to $2,012.11.




pride@fnnews.com Lee Byung-chul Reporter