Gold, copper, palladium, and platinum also registered massive gains on Jan. 23.
Silver prices continued their meteoric ascent at the end of the holiday-shortened trading week as the white metal touched $100 for the first time.
On the COMEX division of the New York Mercantile Exchange, silver futures surged $3.65, or 3.8 percent, to $100.02 per ounce at 10:51 a.m. (EST) on Jan. 23.
The precious metal is on track for a weekly gain of about 10 percent, adding to its year-to-date increase of almost 40 percent.
While silver maintains a monetary appeal like gold, it also possesses industrial demand, says Ole Hansen, commodity strategist at Saxo Bank.
“That dual role can amplify both upside momentum and downside risk,” Hansen said in a Jan. 23 note.
“For now, physical demand signals remain robust, particularly in China, where local futures prices continue to command a premium of more than US$12 per ounce over London prices.”
With the growing risk of demand destruction—buyers reduce consumption and substitute the product for something cheaper—there could be a rotation back to gold, he added.
Gold prices have set a bullseye on $5,000 per ounce.
The yellow metal increased by $46.30, or 0.9 percent, to $4,959.70 an ounce.
Gold is poised for a weekly jump of around 7.5 percent, lifting this year’s gains to about 14 percent.
Reading the Room
Gold and silver are finding further support from a weaker U.S. dollar, expectations of Federal Reserve policy easing, and central bank buying.
A lower greenback makes dollar-denominated commodities cheaper for foreign investors to buy.
While the Fed is expected to leave interest rates unchanged next week, investors are penciling in at least two rate cuts this year, according to CME FedWatch Tool data.
A falling rate environment diminishes the opportunity cost of holding non-yielding bullion—a boon for the metal commodities.
Central banks’ appetite for gold has added another layer to the bull run.
Recent data suggest that central banks purchased a net 45 tons in November, led by the National Bank of Poland.
According to the World Gold Council, gold purchases by these institutions totaled 297 tons in the first 11 months of 2025, slightly lower than in previous years.
By Andrew Moran
