GOLD and SILVER jumped on Friday, setting new all-time weekly and multi-decade highs respectively in US Dollar terms as geopolitical violence and tensions worsened but global stocks touched new records before edging back as longer-term interest rates rose in the bond market.

Outside the Dollar, and like gold earlier this week, silver today set new all-time highs in Chinese Yuan, Indian Rupees, Japanese Yuan, British Pounds and most other currencies.

Gold for US investors meantime traded $25 below Tuesday's fresh gold spot-market top of $3673 per Troy ounce. But today's 3pm bullion auction in London showed a Dollar-price rise of 1.6% from last Friday's finish, recording its 15th new week-end high in 2025 to date.

The silver price rose for the 4th week running, fixing at London's midday auction around $42.29 per Troy ounce − a new 14-year daily high − with a rise of 3.8% from last Friday.

Silver priced in Euros fixed above $36 per Troy ounce, a fresh lifetime high against the single currency launched in 1999 and the highest in Deutsche Mark equivalent terms since January 1980's all-time highs peaked at €43.60.

Silver in British Pounds meantime set its 4th all-time daily high of September so far, jumping 2.6% from midday Thursday to fix around £31.19 per Troy ounce.

That's almost £10 per ounce above the peak of January 1980 and nearly £2 above silver's spring 2011 top.

"With gold prices regaining momentum amid growing expectations of interest rate cuts," said a note from specialist supply-and-demand analysts Metals Focus last week, "silver has benefited from positive spillover effects.

"More importantly, tightening physical supplies of silver, particularly the decline in liquidity in the London market, has also contributed to silver's breakout over the summer."

But while heavy inflows of silver have continued into New York, taking Comex warehouse stockpiles to fresh all-time highs, the quantity of silver bullion held in London grew another 1.8% last month, data from trade body the LBMA says, reaching its largest so far this year.

London gold stockpiles meantime edged 0.4% lower from July's 26-month high, with outflows from Bank of England custody outweighing a small increase in bullion bank and commercial logistics providers' holdings.

Bullion prices in Shanghai today showed a $20 per ounce discount to London gold, signalling that demand in China − the precious metal's No.1 consumer market − continues to struggle in the face of record-high Yuan gold prices.

China this week sailed its newest and most advanced aircraft carrier, the Fujian, through the Taiwan Strait separating the Communist mainland from the democratic island, claimed by Beijing as part of its territory.

US and Japanese Marines are now staging a fortnight of exercises on the nearby island of Okinawa.

"Russia deliberately attacked Poland – we have facts and evidence to prove it," said Warsaw's Deputy Prime Minister Krzysztof Gawkowski today of Wednesday night's incursion by Russian drones deep into the airspace of the Nato member.

"It was a planned provocation, coordinated with a disinformation campaign."

All 15 members of the United Nations Security Council last night condemned Israel's strikes on Qatari capital Doha, targeting senior members of Gaza's political and military group Hamas.

"Council members" including Israel's key ally the USA "underscored the importance of de-escalation and expressed their solidarity with Qatar," read the statement.

Israeli attacks today killed another 50 people in Gaza, Hamas says, with a further 35 people reportedly killed by Israeli airstrikes on areas of Yemen controlled by Iran-backed Houthi forces.

"It's very much like they tried to do with me," said US President Trump meantime, referring to his indictment for the Jan 6th riots following his 2020 election defeat − charges dismissed on his victory last November − after a court in Brazil sentences former president Jair Bolsonaro to more than 27 years in prison for an attempted coup following his 2023 election defeat.

Police in Utah meantime arrested a suspect in the assassination of right-wing activist Charlie Kirk.

Gold in Euro terms this week rose 1.9% to set a new week-end high at E3118 per Troy ounce, 15 below Tuesday and Wednesday's spot-market record.

UK gold prices in Pounds per ounce also set a new week-end record, finishing Friday in London at £2696, down £12 from Tuesday's fresh all-time high.

Silver priced in the Dollar peaked at $50 per ounce both in 1980 and 2011, a level now markedly above that price in real, inflation-adjusted terms today.

Gold bullion topped its 1980 peak in real, inflation-adjusted Dollar gold price back in March.