Silver smashed through an all-time high set in 1980 this week on a now-defunct contract overseen by the Chicago Board of Trade. Prices for the white metal edged higher to hit a fresh peak at US$54.3775 an ounce on Friday, before paring gains. Palladium and platinum were also on track for hefty weekly advances.
Gold and silver rose to record highs as fears about credit quality in the US economy and heightened frictions between Washington and Beijing strengthened demand for havens.
Bullion rose as much as 1.2% to US$4,379.93 an ounce on Friday — putting it on track for its biggest weekly gain since 2008 and extending a breakneck rally that began in August. The buying spree, also supported by wagers the Federal Reserve could deploy an outsized rate cut this year, has spilled over into other precious metals.
