Back on the rise! Precious metals collectively hit new highs: silver broke through 75, platinum futures reached their limit again, and gold hit 4530

After a brief one-day correction yesterday, the global precious metals market quickly regained its upward momentum and rallied collectively. Driven by escalating geopolitical tensions and persistent supply mismatches in key spot markets, silver and gold prices hit record highs, while platinum and palladium also strengthened in tandem.

Spot silver extended its winning streak to a fifth consecutive trading day on Friday, last trading at $74.37 per ounce. It surged past the $75 per ounce mark at one point, registering an intraday gain of over 4.5% and hitting a new all-time high.

Gold prices staged a steady rebound, trading above the $4,500 per ounce level, with the latest quote at $4,502.46. The price climbed to above $4,530 per ounce at its peak, setting another record high. Both platinum and palladium rebounded sharply following yesterday’s correction, with spot platinum surging 8% to $2,413.62 per ounce, a new record high.

### Domestic Market Updates

The most-active palladium futures contract saw its intraday gain climb to 1.51%, last quoted at ¥535 per gram, after earlier surging by more than 9%. The most-active platinum futures contract opened its trading limit up, with its intraday gain narrowing to 7.88% and trading at ¥696 per gram. SDIC Silver LOF resumed trading with a straight limit-down, recording a turnover of nearly ¥300 million; its premium rate narrowed to below 30%.

Year to date, gold has posted a cumulative gain of approximately 70%, while silver has surged by over 150%, with both on track to notch their best annual performances since 1979. Despite a short-lived pullback triggered by profit-taking yesterday, the upward momentum in the precious metals market remains firm, supported by expectations of a Federal Reserve rate cut, continued central bank gold purchases, and strong capital inflows into ETFs.

### Silver: Spot Squeeze Triggers Short Squeeze, Prices Extend Record Rally

Silver has undoubtedly led the current rebound, driven by a combination of macro safe-haven demand and micro market structure pressures.

Supply tightness in the silver market is intensifying. According to a report by Wall Street News, the London silver market is experiencing a severe physical squeeze, with the key indicator "1-year silver swap rate minus US interest rate" dropping to -7.18%. This deeply negative reading signals an extreme shortage of physical supply, as investors holding paper silver are scrambling to secure physical delivery at any cost.

In addition, traders are closely monitoring the outcome of a US Department of Commerce investigation into whether imports of critical minerals "threaten national security". The market fears this could lead to new tariffs or trade restrictions, further fueling hoarding behavior. Bloomberg notes that since the historic short squeeze in October, despite capital inflows into London warehouses, most of the world’s available silver remains stuck in New York. This regional supply mismatch has provided an additional boost to prices.

### Gold: Rising Geopolitical Tensions Drive Sustained Capital Inflows

The gold market stabilized quickly after yesterday’s correction, with the bullish structure remaining intact. Beyond the long-term support from Fed rate cut expectations, the latest geopolitical developments have acted as short-term catalysts.

According to Bloomberg reports, the US has escalated oil sanctions against Venezuela, and Trump announced that US military forces launched a "powerful strike" against "terrorist organizations" in Nigeria. These uncertainties have significantly enhanced the safe-haven appeal of precious metals.

Meanwhile, structural tightness in the spot market has provided solid support for prices. These factors have effectively offset market jitters at elevated levels, consolidating gold’s status as a safe-haven asset.

In terms of capital flows, investors continue to increase their holdings of gold via exchange-traded funds. Data from the World Gold Council shows that global gold ETF holdings have grown every month this year except May. As the world’s largest gold ETF, the SPDR Gold Trust has seen its holdings rise by more than 20% year to date, reflecting strong resilience in institutional allocation demand.

### Platinum & Palladium: Fundamentals Support Rebound

After sharp corrections on Thursday, platinum and palladium rebounded strongly on Friday, recouping some losses, and the entire precious metals sector posted widespread gains. Platinum prices soared to a record high, on track for the largest annual gain in history, driven by a combination of persistent supply tightness, the EU’s unexpected U-turn on its 2035 internal combustion engine ban, and investor capital rotation from gold to other precious metals.

The earlier pullback was mainly driven by profit-taking at high levels, but the fundamentals for platinum and palladium have not fundamentally reversed. Persistent supply tightness, resilient demand for automotive catalysts, combined with the overall bullish sentiment in the precious metals sector, attracted buyers to step in quickly after the correction. The steady Bloomberg Dollar Spot Index has also created a favorable environment for the rebound of dollar-denominated metals.

### Risk Warning and Disclaimer

The market is risky, and investment requires caution. This article does not constitute personal investment advice, nor does it take into account the specific investment objectives, financial situations, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are consistent with their specific circumstances. Any investment made based on this article shall be at the investor's own risk.

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