Precious Metals Continue Historic Rally
Gold and silver prices remain near historic highs as investors continue flocking to safe-haven assets amid ongoing economic uncertainty and geopolitical tensions. As of February 24, 2026, gold traded at $5,121 per ounce while silver stood at $87.87 per ounce, representing extraordinary gains over the past year.
Gold Prices Hold Above $5,000
Gold spot prices reached $5,121 per ounce at 9:10 a.m. Eastern Time on February 24, marking a modest $29 decline from the previous day but an astounding $2,206 increase compared to one year ago when gold traded at $2,915. This represents a 75.68% year-over-year gain.
On a monthly basis, gold has climbed $180 or 3.64% from its price of $4,941 one month ago. The yellow metal has risen more than 25% since early 2025, driven primarily by persistent inflation concerns and economic uncertainty.
Central bank accumulation continues to provide strong support for gold prices. According to JPMorgan estimates, sovereign gold purchases are expected to reach approximately 755 tonnes in 2026, running 50-90% above pre-2022 averages. Central bank gold purchases totaled 863 tonnes in 2025 and are projected to ease slightly to 850 tonnes in 2026.
Silver Outpaces Gold with 171% Annual Gain
Silver has dramatically outperformed gold over the past year, surging 171.62% from $32.35 per ounce in February 2025 to $87.87 per ounce on February 24, 2026. The white metal gained $1.59 or 1.84% from the previous trading session.
The precious metal has outpaced gold for the second consecutive week as safe-haven demand accelerated following softer U.S. economic data. Silver prices have reached levels unseen in over a decade, driven by constrained supply and rising industrial demand alongside traditional investor demand.
However, silver has experienced significant volatility in recent months. The metal remains down approximately 15% from one month ago when it traded at $103.38 per ounce. Treasury Secretary Scott Bessent attributed the extreme swings in precious metals markets to Chinese traders, describing recent rallies as speculative activity.
Dollar Weakness Supports Precious Metals
The U.S. dollar index fell on Monday as concerns grew that foreign investors may reduce their exposure to dollar-denominated assets. The weakness came after President Trump signed an executive order raising global tariffs under Section 122 of the Trade Act of 1974 to 15% from 10%.
A weaker dollar typically supports precious metals prices, as it makes gold and silver more affordable for international buyers and reduces the opportunity cost of holding non-yielding assets.
Other Precious Metals Performance
The broader precious metals complex has also benefited from the risk-off environment:
- Platinum: Trading at $2,141 per ounce
- Palladium: Trading at $1,723 per ounce
Investment Considerations
While gold and silver have delivered exceptional returns over the past year, analysts note that precious metals have historically underperformed equities over extended periods. From 1971 to 2024, stocks averaged 10.7% annual returns compared to gold's 7.9% average annual return.
Nevertheless, many financial advisors recommend allocating a portion of portfolios to precious metals for diversification, particularly during periods of economic uncertainty. Gold is widely regarded as a reliable, risk-averse asset that can help reduce overall portfolio volatility.
Many analysts predict further upside potential for silver, citing ongoing supply constraints and robust industrial demand from sectors including renewable energy and electronics manufacturing.
Sources: Fortune, JPMorgan, U.S. Treasury Department