Silver prices surged to a record high during early Asian trading on Monday, driven by escalating geopolitical tensions that boosted demand for safe-haven assets across global markets. Concerns over renewed hostilities between Iran and Israel, along with rising friction between the United States and Venezuela, pushed investors toward precious metals, lifting silver to unprecedented levels.
Spot silver climbed 0.4% to an all-time high of $67.5325 per ounce, while February silver futures also gained 0.4% to trade at $67.860 per ounce. The rally in silver led gains across the broader metal markets, as gold, platinum, and palladium also benefited from increased investor demand for safe assets amid growing uncertainty.
Gold prices edged higher, with spot gold rising 0.2% to $4,348.30 per ounce. Platinum followed suit, gaining 0.2% and approaching the psychologically important $2,000 per ounce level, while spot palladium outperformed with a 0.7% jump to $1,729.97 per ounce. The synchronized rise in precious metals highlights the market’s defensive positioning in response to geopolitical risk.
Investor sentiment was shaken by weekend reports suggesting that Israel plans to brief the United States on potential renewed military action against Iran. These concerns stem from fears that Tehran is continuing its nuclear activities, despite earlier clashes in 2025 that culminated in U.S. airstrikes on Iran’s nuclear facilities and a subsequent ceasefire between Iran and Israel. Israeli Prime Minister Benjamin Netanyahu is expected to raise the issue during a scheduled meeting with U.S. President Donald Trump later in December, potentially signaling further escalation.
Adding to global uncertainty, reports also indicated that the U.S. is preparing to board a third oil tanker off the coast of Venezuela. Washington has intensified scrutiny of Caracas, accusing the Venezuelan government of using oil revenues to finance drug trafficking and illegal immigration. President Trump recently ordered a blockade of sanctioned oil tankers and hinted at the possibility of a ground campaign, further unsettling markets.
With geopolitical risks mounting on multiple fronts, precious metals prices are likely to remain supported as investors seek stability, positioning silver and gold as key beneficiaries of the current market environment.


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