Spot Silver Touches $100 An Ounce For First Time Ever, Gold Within Striking Distance Of $5,000 Amid Lingering Geopolitical Tensions

• Spot silver prices have soared nearly 41% year-to-date, after rocketing around 147% through 2025.
• Analysts at ING Think cite heightened policy uncertainty as one of the factors driving the surge in silver prices.
• The analysts noted that the surge in silver prices reflects its resilient safe-haven status and robust industrial demand for the metal.

Silver and gold prices continued to surge to new highs on Friday amid lingering geopolitical tensions.

Spot silver prices touched a new high of $100.79 per troy ounce, rising around 5% over the previous day. Silver futures maturing in March rose by nearly 4% to $100.06.

Spot gold prices also rose, climbing to a new high of $4,983 per troy ounce, gaining nearly 1%. Gold futures maturing in February gained 1.2% to rise to $4,974.

What’s Fueling The Surge In Silver Prices?

Spot silver prices have soared nearly 41% year-to-date, after rocketing around 147% through 2025.

Analysts at ING Think cite heightened policy uncertainty as one of the factors driving the surge in silver prices. “Support for silver has been reinforced by a weaker U.S. dollar, lower real yields, and stronger investor appetite for hard assets amid heightened policy uncertainty,” the firm stated in a Friday note.

The analysts add that the surge in silver prices reflects its resilient safe-haven status and robust industrial demand for the metal.

“Industrial demand - particularly from solar, electrification, and grid infrastructure investment - has tightened the physical market at a time when mine supply growth remains limited,” the firm said.

Risks Remain Despite The Rally

The firm cautioned that risks for the metal remain despite the nearly 250% surge in silver prices since the end of 2024 to date.

ING Think noted that a sharper global slowdown or sustained higher silver prices could destroy demand, especially in industries. The metal’s volatility also means that it can overshoot in either direction.

The iShares Silver Trust ETF (SLV) was up 4.01% at the time of writing, while the abrdn Physical Silver Shares ETF (SIVR) was up 4.05%. The SLV and SIVR ETFs have both surged more than 31% year-to-date, with retail sentiment on Stocktwits around the SLV ETF trending in the ‘neutral’ territory.

The SPDR Gold Shares ETF (GLD) was up 0.99% at the time of writing, while the iShares Gold Trust ETF (IAU) was up 0.94%.

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