Resuming the rally! Precious metals collectively hit new highs: silver breaks through 74, platinum futures rise by the daily limit again, gold reaches 4530.

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After a brief adjustment yesterday, the global precious metals market quickly regained momentum and surged collectively. Driven by escalating geopolitical tensions and persistent supply mismatches in key spot markets, silver and gold prices hit record highs, with platinum and palladium also rising in tandem.

Spot silver recorded its fifth consecutive day of gains on Friday, currently quoted at $74.37/oz, breaking above $75/oz at its peak, with an intraday increase of over 4.5%, continuing to set new historical highs.

Gold prices, meanwhile, steadily rebounded, trading above $4,500/oz, currently quoted at $4,502.46, and reaching as high as $4,530/oz, marking another record high.

Platinum and palladium both rebounded rapidly after yesterday's correction, with spot platinum rising more than 5%.

In the domestic market, the main palladium futures contract rose by 1.51% during the day, currently quoted at 535 yuan/gram, having previously surged over 9%; the main platinum futures contract opened its price limit, with the gain narrowing to 7.88%, quoted at 696 yuan/gram. The SDIC Silver LOF resumed trading at limit-down, with turnover of nearly 300 million yuan; the premium rate narrowed to within 30%.

Since the beginning of this year, gold has risen cumulatively by about 70%, and silver has gained more than 150%, both are on track for their best annual performance since 1979. Although the market underwent a brief pullback due to profit-taking yesterday, the upward momentum of precious metals remains solid under the combined influence of expectations for Federal Reserve rate cuts, continued central bank gold purchases, and strong ETF inflows.

Silver: Spot Squeeze Triggers Short Squeeze, Prices Continue to Set Records

Silver is undoubtedly the leader in this round of rebound, mainly benefiting from the combination of macro-level haven demand and micro-level market structural pressures.

The supply shortage in the silver market is intensifying. According to an article by Wallstreetcn, the London silver market is experiencing a severe physical squeeze, with the key indicator "1-year silver swap rate minus US interest rates" dropping to -7.18%. This deeply negative value indicates an extreme shortage of spot silver, with paper silver investors seeking physical delivery at any cost.

In addition, traders are closely watching the results of a US Commerce Department investigation into whether the import of critical minerals "threatens national security." There are concerns in the market that this may lead to new tariffs or trade restrictions, further exacerbating hoarding behavior. Bloomberg pointed out that, since the historic short squeeze in October, although there have been capital inflows into London warehouses, most of the globally available silver remains stuck in New York, and this regional supply mismatch has further driven up prices.

Gold: Geopolitical Tensions Rise, Funds Keep Flowing In

The gold market quickly stabilized after yesterday's adjustment, maintaining a bullish structure. In addition to the long-term support from expectations of Federal Reserve rate cuts, the latest geopolitical dynamics have become a short-term catalyst.

According to Bloomberg reports, the US has escalated oil sanctions against Venezuela, and Trump announced that US troops in Nigeria conducted a "powerful strike" against "terrorist organizations." These uncertainties have significantly increased the safe-haven appeal of precious metals.

At the same time, structural tightness in the spot market has provided solid support for prices. These factors have effectively offset fear of heights in the market and consolidated gold's position as a safe-haven asset.

Regarding capital flows, investors continue to increase their gold holdings via exchange-traded funds (ETFs). According to data from the World Gold Council, global gold ETF holdings have increased every month this year except for May. As the world's largest gold ETF, SPDR Gold Trust's holdings have risen by more than 20% so far this year, demonstrating strong institutional allocation demand.

Platinum and Palladium: Fundamentals Support the Rebound

After a sharp correction on Thursday, platinum and palladium rebounded simultaneously on Friday, recovering some lost ground, with the precious metals sector showing widespread gains.

The previous correction mainly resulted from profit-taking at high levels, but the supply and demand fundamentals have not fundamentally reversed. Ongoing supply tightness and resilient demand for automotive catalysts, combined with the overall bullish atmosphere in the precious metals sector, attracted buyers to step in quickly after the adjustment. The Bloomberg Dollar Spot Index was flat, which also created a favorable environment for the rebound in dollar-denominated metals.

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