Gold Surges on Fed Rate Cut Bets as Silver Reaches 13-Year High

Gold prices ticked higher on Friday, putting the precious metal on track for a weekly gain of about 2.1%. The advance followed softer-than-expected U.S. economic data that strengthened bets on future Federal Reserve rate cuts. Gold, long regarded as a safe-haven asset, generally benefits from economic or geopolitical uncertainty and from a lower interest rate environment.

Silver initially surged to a more than 13-year peak, supported by robust industrial demand and ongoing supply constraints. Although it later eased about 0.1%, the momentum in silver—alongside rising gold—signals persistent bullish sentiment across the precious metals complex.

U.S. gold futures rose modestly, up roughly 0.2% to $3,382.70 an ounce. Despite the steady climb, gold has struggled to push decisively into new short-term highs, prompting some investors to consider other precious metals that may offer better near-term value.

Platinum posted a notable advance, jumping 2.4% to $1,157.11—its strongest level since March 2022—while palladium rose about 1.5% to trade near $1,020.75. These moves reflect tightening market fundamentals and growing industrial demand for alternative metals.

Ole Hansen, head of commodity strategy at Saxo Bank, noted that gold’s slower momentum has steered some investors toward undervalued metals like silver and platinum. Lower prices combined with solid demand dynamics have increased interest in these alternatives as investors diversify exposure within the metals space.