Silver surged to its highest level in 13 years and platinum hit peaks not seen since early 2022, as investors piled into industrial precious metals amid strengthening fundamentals and market momentum. Both metals extended sharp gains from the prior session, with silver rallying past $36 an ounce and platinum climbing nearly 3%, while gold pulled back slightly following stronger-than-expected U.S. jobs data that cooled rate-cut expectations. 

Renewed physical demand—especially for silver in India and platinum in China—has supported the rally, alongside a tightening supply outlook that’s pushing both markets toward deficits this year. 

Silver’s role in solar panel production and platinum’s use in auto catalysts and lab equipment continue to anchor their industrial relevance, fueling investor interest. Analysts note that holding silver above $35 could reignite retail demand, while platinum-backed ETFs are seeing a resurgence, hinting at a broader speculative move. 

Finsum: With palladium also joining the rally and ETF inflows rising, the precious metals space is regaining serious momentum even as gold temporarily steps back.