Silver prices hit record highs in early Asian trading on Monday, spurred by escalating geopolitical tensions that fueled demand for safe-haven assets.

The price of spot silver surged by 0.4% to reach an all-time high of $67.5325 per ounce. Meanwhile, February silver futures rose by 0.4% to settle at $67.860 per ounce. 

Silver has emerged as a leader in the precious metals market, with gold, platinum, and palladium prices following suit due to heightened investor interest in protective investments.

Spot gold increased by 0.2% to $4,348.30 per ounce, while spot platinum climbed by 0.2%, nearing the $2,000 mark. Spot palladium gained 0.7%, reaching $1,729.97 per ounce.

The surge in demand for safe-haven assets can be attributed to reports from last weekend regarding Israel’s plans to inform the United States of a potential new attack on Iran. This comes amid concerns that Tehran is advancing its nuclear program.

Earlier in 2025, Iran and Israel exchanged a series of strikes, culminating in US bombings of Iranian nuclear facilities, followed by a ceasefire between Tehran and Jerusalem.

Israeli Prime Minister Benjamin Netanyahu and US President Donald Trump are expected to meet in the US at the end of December. Analysts predict that Netanyahu will advocate for tougher measures against Iran.

Adding to the uncertainty, reports have emerged that the US is preparing to detain a third oil tanker off the coast of Venezuela amid rising tensions between Washington and Caracas. 

The Trump administration has intensified its scrutiny of Venezuela, accusing the country of using oil revenues to fund drug trafficking and illegal immigration to the US. Last week, Trump ordered the blocking of sanctioned oil tankers heading to and from Venezuela and suggested the possibility of launching a ground campaign against the South American nation.