Spot silver gained nearly 4% to $66.22 an ounce, after hitting an all-time high of $66.88 earlier in the session

Silver prices surpassed $66 an ounce to a record high on Wednesday, while gold firmed as hopes of rate cuts by the U.S. central bank renewed after signs of a weak labour market, and as escalating Venezuela- U.S. tensions boosted safe-haven demand.

Spot silver gained nearly 4% to $66.22 an ounce, after hitting an all-time high of $66.88 earlier in the session.

Silver is pulling gold up with it. There is some rotational money going out of gold and into silver, platinum and palladium, said Marex analyst Edward Meir.

$70/oz for silver looks to be the next logical target in the short-term, he said.

Spot gold added 0.7% to $4,334.01 an ounce by 01:56 18:56 GMT, after increasing more than 1% earlier in the day. U.S. gold futures settled 1% higher at $4,373.9.

Silver is up 129% this year, outpacing gold, which has notched a 65% annual rise.

On Tuesday, U.S. data showed a stronger-than-expected increase of 64,000 jobs last month, but the unemployment rate rose to 4.6%, its highest level since September 2021.

Weakness in the labour market could increase the likelihood of rate cuts, and in turn benefit non-yielding assets such as gold.

Markets continue to see the Federal Reserve cutting its interest rates two times during the first part of 2026, which could continue to support gold over that period, said Bas Kooijman, CEO and asset manager of DHF Capital S.A.

Last week, the central bank delivered its third and final quarter-point rate cut of the year. Investors are now pricing in two 25-basis-point cuts in 2026.