Spot gold gained 0.6% to $4,211.77 per ounce, while spot silver jumped 4.3% to $60.74 per ounce, hitting an all-time high

Gold rose on Tuesday as traders remained optimistic ahead of the U.S. central bank’s interest rate decision, while silver rose to hit an unprecedented $60 per ounce milestone amid supply constraints.

Spot gold gained 0.6% to $4,211.77 per ounce by 2021 GMT. U.S. gold futures for February delivery settled 0.4% higher at $4,236.2 per ounce.

Spot silver jumped 4.3% to $60.74 per ounce, hitting an all-time high.

People are anticipating that there’s going to be strong industrial demand for silver for years to come, which is why it’s been bid up, the silver price, said Fawad Razaqzada, market analyst at City Index and FOREX.com, adding that the buying momentum is strong at the moment.

Sectors including solar energy, electric vehicles and their infrastructure, and data centres and artificial intelligence will drive industrial demand higher through 2030, the Silver Institute industry association said in a research report.

Silver prices have also been supported by persistently low supplies and dwindling global inventories, expectations of the central bank easing interest rates, as well as its recent addition to the U.S. critical minerals list.

Metals are volatile by nature, but unless we fix the deficit, silver only has one way to go, and that is up, said Maria Smirnova, senior portfolio manager and chief investment officer at Sprott Asset Management.

Gold has shrugged off the jobs report, Haberkorn said, adding “we could see silver trade over $70 an ounce in the first half of 2026, and gold is on a path towards $5,000 an ounce.