Silver exceeds $100 per ounce for the first time in history

Silver prices on January 23 exceeded $100 per ounce for the first time in history, while gold set a new record and approached the level of $5,000, writes Reuters.

Investors are actively investing in protective assets against the backdrop of geopolitical instability and expectations of a decrease in interest rates in the United States.

The spot price of silver increased by 4.5% to $100.49 per ounce. Over the year, the metal has risen in price by more than 200%. Analysts attribute this to both high investment demand and a supply shortage and problems with scaling up silver processing.

Gold rose by 0.8% to $4,976.49 per ounce after updating its historical maximum at $4,988.17. U.S. gold futures for delivery in February rose by 1.3% to $4,978.60.

Demand for precious metals has been growing since the beginning of 2026 due to tensions in relations between the US and NATO, in particular around Greenland, doubts about the independence of the Federal Reserve and the persistence of tariff uncertainty. Additional support for gold prices is provided by active purchases by central banks and a gradual departure from the dollar.

Markets expect the US Federal Reserve to keep rates unchanged at its meeting on January 27-28, while investors predict two rate cuts in the second half of 2026.

Platinum also set a new record, reaching $2,749.2 per ounce and increasing by 4% to $2,735. HSBC analysts note that investors see platinum as a cheaper alternative to gold against the backdrop of an expected shortage in the market, which this year could grow to 1.2 million ounces. Palladium rose 4.3% to $2,002.22 per ounce.