Silver prices reached a new-all time high on early Friday, December 26 amid economic uncertainty.
Silver surpassed the $75 mark for the first time while gold and platinum also reached record highs.
Spot silver rose 3.6% to $74.52 per ounce, bringing its total gain for the year to 158%.
Silver's price has doubled since the end of June, mainly in the second half of the year due to demand from AI data centers, electric vehicle production and as a hedge against inflation.
As per Reuters, spot gold increased 0.6% to $4,505.30 per ounce, after earlier hitting a record $4,530.60, and U.S. gold futures for February delivery rose 0.7% to $4,534.
"Prospect of lower U.S. interest rates is still supporting demand for gold and silver, lifting both metals to new record highs. Low liquidity is amplifying the volatility across all precious metals," said UBS analyst Giovanni Staunovo.
The gain were driven by investor demand amid expectations of US interest rate cuts and global geopolitical uncertainties.
Both gold and silver are set for their strongest yearly gains since 1979.
Investors anticipate that the US Federal Reserve will lower interest rates twice next year which helps keep gold prices strong since gold does not earn interest.
Platinum prices also climbed, extending their 2025 gains to about 158%.
