Precious Metals All-Time Highs
The record high for gold, silver, platinum, palladium, and copper, when each was set, and what drove it. The 2025 to 2026 run set fresh records for everything but palladium.
Every Metal's All-Time High at a Glance
The 2025 to 2026 precious metals bull run rewrote the record books. Gold, silver, platinum, and copper all set fresh all-time highs, while palladium rallied hard but held below its 2022 peak. Here is every metal's record at a glance.
| Metal | All-Time High | Date Set | What Drove It |
|---|---|---|---|
| Gold | ~$5,590/oz | Jan 28, 2026 | Record central-bank buying, de-dollarization, US-Iran tensions |
| Silver | ~$121.62/oz | Jan 29, 2026 | Short squeeze, supply deficit, solar and AI data-center demand |
| Platinum | ~$2,920/oz | Jan 26, 2026 | Supply deficit, lease squeeze, new Chinese investment demand |
| Palladium | ~$3,440/oz | March 2022 | Russia-Ukraine supply fears (still stands) |
| Copper | ~$6.71/lb | May 13, 2026 | AI data-center demand, first supply deficit since 2009 |
Prices are nominal USD and approximate; intraday peaks vary slightly by data feed (spot vs futures vs benchmark fix). Gold, silver, platinum, and palladium are quoted per troy ounce; copper is quoted per pound on COMEX. See each metal's dedicated page for the full record timeline and the live gap to today's price.
What Drove the 2025 to 2026 Records
A handful of forces lifted the entire complex. Gold crossed $4,000 per ounce for the first time in October 2025 and peaked near $5,590 in late January 2026, powered by record central-bank buying (the official sector added more than 700 tonnes in 2025), de-dollarization, and safe-haven demand during US-Iran tensions.
Silver finally shattered its 45-year-old 1980 record, clearing $50 in October 2025 and going parabolic to about $121.62 in January 2026 on a multi-year supply deficit and explosive demand from solar and AI data centers. Platinum more than doubled in 2025, breaking its 17-year-old 2008 record on a structural deficit and a wave of new Chinese investment demand via the Guangzhou Futures Exchange. Copper set its record in May 2026 as AI and data-center electricity demand collided with the first global supply deficit since 2009.
Palladium was the exception. It rebounded sharply from a low near $870 in April 2025 to a cycle high around $2,200 by January 2026, but never approached its $3,440 record from the 2022 Russia-Ukraine crisis.
Nominal vs Inflation-Adjusted Records
A nominal record is not always a real one. Gold set a genuine inflation-adjusted all-time high this cycle for the first time, finally clearing the 1980 peak of about $850 (roughly $3,200 to $3,325 in 2026 dollars). Silver is the opposite: despite its nominal record near $121.62, it remains below its inflation-adjusted 1980 high of roughly $194 per ounce. Platinum's 2026 figure is a nominal record only, since the 2008 peak (about $3,300 in today's dollars) and the 1980 peak were higher in real terms. Copper's nominal record sits close to its inflation-adjusted 2011 high, and palladium's 2022 record is also its real-terms record.
Published by MetalCharts, a free precious metals resource providing real-time prices, interactive charts, educational guides, and portfolio management tools. All market data sourced from COMEX, LBMA, and LME.
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