Topline
Precious metals continued a record-breaking rally Friday morning as the price of silver inched closer to a milestone $100 and gold neared a record $5,000 amid U.S.-European tensions and a weakening dollar, with one analyst blaming President Donald Trump’s “absolute unpredictability.”
Gold and silver neared new milestones Friday. (Photo by Jonathan Raa/NurPhoto via Getty Images)
NurPhoto via Getty Images
Key Facts
The price of silver is up more than 3% on Friday morning, about $99.73 as of 9:25 a.m., slightly down from a high of $99.92 earlier in the day.
The price of gold is about $4,941.30 as of 9:25 a.m., slightly down from the high of $4,970 it hit earlier Friday morning.
Copper prices also surged, surpassing $13,000 a ton and hitting as much as $13,173.50, nearing an all-time high the metal hit earlier this month.
The precious metals have continued a massive rally throughout 2025 into the first weeks of 2026, with Goldman Sachs raising its gold price forecast earlier this week from $4,900 to a projected $5,400 by the end of 2026.
Chris Weston, head of research at Pepperstone, told Reuters Friday morning that Trump dropping his tariff threat against the E.U. over his desire to acquire Greenland should have caused metals prices to fall, but suggested “gold increasingly looks like a hedge against Trump as the U.S. president and the absolute unpredictability that comes with it.”
Saxo Bank analysts said Friday morning the precious metals rally is “fueled by FOMO [fear of missing out],” as well as a desire for safe-haven assets amid U.S.-European tension and a weakening U.S. dollar.
Why Have Gold And Silver Prices Surged In 2026?
Several international events have helped push gold and silver prices upward, according to analysts, who say periods of global uncertainty help increase demand for assets viewed as a safe haven. The U.S. capture of Venezuela’s Nicolas Maduro, protests in Iran, China imposing new export restrictions on silver and Trump’s push to annex Greenland have all contributed to rising metals prices in recent weeks. Trump’s desire for Greenland has caused international tension, prompting European leaders to voice support for the Arctic island while Trump threatened to impose tariffs on eight European nations. In a speech at the World Economic Forum in Davos, Switzerland on Wednesday, Trump ruled out using military force to take over Greenland, and he dropped his tariff threat Wednesday in a post on Truth Social. In his post, Trump claimed he and NATO secretary-general Mark Rutte “formed the framework of a future deal with respect to Greenland” and that “additional discussions” will be held regarding Greenland’s future.
Why Did Gold And Silver Surge In 2025?
The price of gold rose about 65% while silver surged as much as 150% in what was a record-shattering 2025 for the precious metals. Other factors crucial to the price rally include federal interest rate cuts and the demand for silver in technological industries, like electric vehicle production and AI data centers. Silver also faced a price squeeze caused by the metal flooding into U.S. vaults amid fears Trump would place tariffs on the metal, causing a shortage of silver in the London trading hub.
Further Reading
Goldman Sachs raises 2026-end gold price forecast to $5,400/oz (Reuters)
Source: https://www.forbes.com/sites/conormurray/2026/01/23/silver-nears-milestone-100-as-gold-inches-closer-to-5000/
