Gold and silver both surged to record highs this week, driven by investor demand for safe-haven assets, expectations of lower interest rates, and heightened geopolitical uncertainty. The twin rallies mark a historic moment for precious metals, with both achieving all-time highs in U.S. and Canadian dollar terms.
On Oct. 8, gold prices broke through the US $4,000-per-ounce barrier for the first time, peaking at US $4,050.24 in spot trading and roughly US $4,070.50 in futures. The milestone translates to about CA $5,600 per ounce, establishing a new record in Canadian currency as well. Earlier in the week, on Oct. 6, gold had already climbed past US $3,900, setting the stage for the historic breakout.
Silver also posted dramatic gains. On the same day, spot silver reached US $49.57 per ounce, a new all-time high in U.S. dollar terms. Converted to Canadian dollars, the metal traded around CA $66.56 per ounce, extending an already strong year for precious metals.
Market analysts cite multiple forces behind the record-setting rally. Rising global tensions and a partial U.S. government shutdown have increased demand for gold and silver as traditional safe havens. Investors are also positioning for a shift in U.S. Federal Reserve policy, with widespread expectations of interest rate cuts later this year. Lower rates typically weaken the U.S. dollar and make non-yielding assets like gold and silver more attractive.
“Gold’s record-breaking run underscores its role as a safe-haven asset during times of financial and political stress,” market observers noted. Institutional inflows into bullion and exchange-traded funds have strengthened, while central banks worldwide continue adding to their reserves.
Silver’s performance has mirrored gold’s momentum, buoyed by renewed industrial demand, supply constraints, and investor buying. Analysts suggest that silver’s dual role as both an investment and an industrial metal could keep prices elevated if global manufacturing rebounds later this year.
The previous record for gold — just above US $2,800 per ounce — was set earlier in 2025. The metal has now risen nearly 40 per cent year-to-date, marking its strongest performance in more than a decade. Silver has advanced at an even faster pace, climbing more than 50 per cent since January.
As of press time, gold continued to trade above US $4,000 (about CA $5,600), while silver held near US $49.50 (about CA $66.50), reinforcing their status as leading indicators of investor sentiment and global economic uncertainty.