Gold Isn’t the Only Metal That’s Shining—Silver and Platinum Prices Are Surging Too

The price of gold, a commodity on track to post its highest yearly return in almost a half century, has surged this year. But other precious metals have joined the ride, as well.

In fact, prices for silver and platinum have surpassed gold’s strong rally. Silver closed September at its highest value in history, and platinum has outpaced both of its more well-known precious metals siblings.

The substantial gains for all three reflect a global financial market environment fraught with policy uncertainty, inflation concerns and, now, a U.S. government shutdown. Investors long have turned to precious metals amid heightened economic uncertainty, and that’s been particularly true in 2025.

Given the uncertain trajectory of U.S. trade policy, the government shutdown and the overall global economy, the factors underpinning demand for precious metals could persist for some time. Moreover, the Federal Reserve appears to have embarked on a path of cutting interest rates, reducing investment competition from assets that produce regular income yields.

A Roaring Rally

This year’s rally in precious metals prices has been remarkable.

While the S&P 500 Index has gained 14% so far this year, the price of gold has soared 48%. That puts it on track for its best annual performance since 1979, when the price of gold more than doubled in a highly inflationary environment.

Currently trading near $3,900 per troy ounce, gold has reached repeated all-time highs throughout the year and surged nearly 10% in the past month as the government shutdown loomed.

Silver, meanwhile, gained 17% in the past month and has posted a year-to-date return of about 65%. It’s trading near $48 per troy ounce, surpassing a $43 peak established in 2011.

Platinum has outshone both, with a year-to-date return of nearly 80%. It’s trading around $1,600 per troy ounce.

Stocks in companies mining gold and silver have reaped the rewards of higher prices. The Van Eck Gold Miners ETF (GDX) and the Global X Silver Miners ETF (SIL) each have each gained about 125%.

Not Just Investment Demand

Though investment demand may explain the majority of price gains in precious metals this year, it’s not the only reason.

In recent years, global central banks increasingly have turned to gold as a means of storing reserves. Gold does have some industrial uses, but investors, central banks and jewelry account for 90% of demand.

Silver and platinum, on the other hand, have an array of industrial uses that can buoy demand. Electronics and circuity employ silver extensively. Automakers use platinum as a primary component in making catalytic converters, and it has myriad uses in chemical applications.

Nonetheless, uncertainty may reign as the primary booster of precious metals in the near term. In a recent report, the World Gold Council outlined the favorable conditions for precious metals.

“A rise in inflation that is concurrent with a slowdown in economic activity and weakening labor markets signals we are increasingly flirting with a stagflationary environment,” the report said.