Now, Copper price at all-time high as silver set to breach another record. Why are metal prices soaring?

Copper prices have hit an all-time high, close on the heels of gold and silver. The surge in interest for metals like copper, silver and gold is coming from a number of factors: macroeconomic, geopolitical and industrial. Precious metals such as gold and silver are serving as safe-haven assets amid global uncertainties like trade war and US tariff tensions, as well as policy risks from potential US fiscal deficits. A “debasement trade” is also taking place, wherein investors hedge against currency weakening and inflation through hard assets.

What is the latest price of gold, silver, copper and other metals?

At the time of writing, gold is trading on the spot market near 4,475 US dollars per ounce. Silver is around 78.9 US dollars per ounce, ready to breach the 80-dollar record. Copper is trading near 13,300 US dollars per metric tonne on the London Metal Exchange, or around 6.06 US dollars per pound, marking a record high.
Other metals are also elevated, including all-time highs. Platinum and palladium remain strong at over 2,300 and around 1,700 US dollars per ounce respectively, while nickel prices are also elevated compared with historical averages.

Why is gold surging?

Gold is a safe-haven asset and markets are factoring in geopolitical and supply chain risks, leading investors to hoard the yellow metal. Central banks across the world, from the US Federal Reserve to the Reserve Bank of India, are making aggressive gold purchases as part of diversification away from the US dollar. Around 755 tonnes of central bank purchases are projected for 2026, much higher than pre-2022 levels.

The likely Federal Reserve rate cuts in 2026 is lowering real yields on the dollar, making gold more attractive to investors. Persistent inflation is further bolstering the appeal of precious metals.

Why are other metal prices increasing?

Robust industrial demand for these metals amid the clean energy transition is creating a squeeze on prices. Most of the metals seeing price increases are used in electric vehicles, solar panels and renewables, AI infrastructure and data centres. This sudden and ever-growing demand is propelling copper and silver prices, as these metals are essential components in electronics, wiring and batteries.

Supply-side pressures are adding to the rally in prices. Mining disruptions in key regions such as Chile, Peru and Indonesia are contributing to metal shortages, alongside declining ore grades. Environmental restrictions and limited new production capacity for metals like copper, silver, aluminium and tin are adding to structural tightness in the market. This is expected to persist, keeping metal prices high in 2026 and beyond.