Gold futures climbed to a fresh all-time high of $3,640 per ounce on Friday, extending the precious metal's historic rally and bringing the year-to-date gain to 14.2%. The latest leg up was driven by the U.S. Dollar Index falling to a two-year low and the World Gold Council's confirmation that central bank purchases reached 248 tons in Q1 alone — the fastest quarterly accumulation pace on record.
Silver participated in the rally, climbing 3.8% to $48.20 per ounce, just below the $50 psychological barrier last breached in 1980 and 2011. The gold-to-silver ratio narrowed to 75.5, down from a March peak of 88, signaling that retail and industrial silver demand is finally catching up to the institutional gold bid. Platinum and palladium gained 2.4% and 1.8% respectively.
Mining Equities Surge
Gold mining equities posted some of their largest gains in over a year. Newmont surged 8.4% to $94.60, Barrick Gold advanced 7.2% to $48.40, Agnico Eagle rose 9.1% to $182, and Franco-Nevada climbed 5.8% to $246. The VanEck Gold Miners ETF (GDX) gained 7.6% to a new 14-year high, while the more speculative Junior Gold Miners ETF (GDXJ) surged 9.2%.
Mining-equity outperformance reflects accelerating margin expansion as