Silver held near a 13-year high, supported by a technical breakout that also drove platinum to the highest level since 2022, signaling growing investor appetite for precious metals used by the industrial sector.

Spot silver rose as much as 4.5% on Thursday to $36.06 an ounce — the highest since February 2012 — while platinum surged 4.8% to above $1 146 an ounce. Prices on Friday held close to those peaks.

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

Silver — and oftentimes platinum — tend to trade in tandem with gold, which is seen as a time-honored haven in times of geopolitical uncertainty. Gold is up more than 40% in 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, in the 12-month period to Thursday — have lagged behind their more expensive precious metal cousin, they are also valued by the industrial sector.

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

A hold above $35 remains a “critical inflection point” for silver, and if sustained should reignite sidelined retail interest, MKS PAMP’s Shiels said. Meanwhile, 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 added.

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

Meanwhile, spot gold edged up 0.2% to $3 358.53 an ounce as of 8:52 a.m. in Singapore, on track for a weekly gain of around 2%. The Bloomberg Dollar Spot Index was down 0.1%. Palladium was steady.

Elsewhere, investors will be looking ahead to a key US jobs report due later on Friday, following an unexpected jump in unemployment claims that boosted investors’ 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.