Silver surged nine percent on Friday to a new record high of $78.53 per ounce, driven by a combination of supply shortages and rising industrial demand.
The rally extended across the precious metals market, with spot gold climbing to an all-time high of $4,549.71 per ounce, while platinum rose ten percent to a record level of $2,454.12 per ounce, according to news reports.
Meanwhile, palladium posted strong gains of more than 14 percent in spot trading, closing the session at $1,924.03 per ounce.
The sharp rise in precious metals came amid heightened market interest in industrial metals and growing expectations of tight supply conditions, even as oil prices declined by about one dollar on expectations of oversupply.
