Silver extended gains to trade at a 13-year peak, while platinum hit highest level in more than two years, signaling growing investor appetite for precious metals used by the industrial sector. 

Spot silver rose Friday, following a 4.5% jump in the previous session. Platinum’s rally continued, climbing as much as 1.7%, while gold also advanced. 

The metals were aided by technical momentum as well as improving fundamentals, with a strong appetite for physical silver in India and resurgent Chinese platinum demand reinforcing the rallies, according to a note by Nicky Shiels, head of metals strategy at Geneva-based MKS PAMP SA.

Silver — and often platinum — tend to trade in tandem with gold, which is seen as a haven in times of geopolitical uncertainty. Gold is up more than 40% over the past 12 months, as an expanding US-led tariff war boosted its safety appeal and central banks maintained elevated levels of buying.

While silver and platinum — up 19% and 13%, respectively, over the year through Thursday — have lagged behind the more expensive precious metal, they are also driven by the ebbs and flows of industrial demand. 

Silver is a key ingredient in solar panels, while platinum is used in catalytic converters in combustion engines and laboratory equipment. Both markets are heading for a deficit this year, following several years where demand has outstripped supply. 

Holding above $35 remains a “critical inflection point” for silver and, if sustained, should reignite retail interest, Shiels said. A potential renewal in demand for platinum-backed exchange-traded funds could produce a speculative rally, given sticky and elevated lease rates indicate the market is tightening, she said.

Platinum ETF holdings are showing signs of picking up, and have expanded more than 3% since mid-May, according to data compiled by Bloomberg. Inflows into silver-backed ETFs have continued to grow since February, with holdings up by nearly 8%.

Palladium also benefited from growing positive sentiment across the precious metals complex, climbing as much as 1.4% on Friday. Gold rose 0.5% to $3,368.87 an ounce as of 1:38 p.m. in Singapore, and is up 2.4% for the week. The Bloomberg Dollar Spot Index added 0.1%. 

Investors are looking ahead to a key US jobs report due later on Friday, following an unexpected jump in unemployment claims that boosted bets the Federal Reserve will cut rates at least twice this year. Lower borrowing costs tend to benefit gold and other precious metals, as they do not pay interest.