The Gold and silver futures hit new record highs on Thursday as investors were flocking to safer assets.
On the New York Mercantile Exchange (NYMEX), the most-active February gold futures contract soared past 4,900 U.S. dollars per ounce during the session, while March silver futures climbed above 96 U.S. dollars per ounce.
Chart-based buying was the feature of the day as both metals remained in firmly bullish technical postures.
Benefiting from rising investment demand, robust industrial consumption and dwindling physical supplies, silver prices have risen 31 percent so far in January after soaring nearly 150 percent in 2025.
More market analysts are becoming increasingly cautious on the precious metal, as the odds of a major drawdown in silver prices have risen.
A speculative frenzy has become the major driving force behind the silver rally, and this could prove to be unsustainable. Moreover, the magnitude of the latest upsurge is difficult to justify by fundamentals. Analysts noted that there are clear signs of "Fear of Missing Out"-driven buying.
Silver's surge to fresh record highs could eventually be self-defeating, analysts said.
Analysts favor gold over other precious metals, arguing that it has the most attractive risk-reward profile. Besides safe-haven demand, gold will be the sole beneficiary of the broad-based efforts of emerging market central banks to diversify their reserves.
Goldman Sachs has raised its December 2026 price target for gold to 5,400 dollars per ounce, given private sector and emerging market central banks' diversification into gold.
Gold, silver futures continue to hit record highs as investors flock to safer assets
