Silver swung near a record as a historic short squeeze in London and US-China trade tensions roiled the market, while gold set a new peak. Elsewhere, fears over potential White House tariffs on gold’s precious metal peers drove platinum and palladium sharply higher.

Silver rose as much as 1.1% to approach $51 an ounce, while platinum and palladium were both up more than 2%. Gold set a record above $4,060 an ounce, after notching an eighth straight weekly gain on Friday.

Precious metals have surged this year, with the complex’s main quartet of members surging between 50% and 80%, in a rally that’s dominated commodity markets. Gold’s advance has been underpinned by central-bank buying, rising holdings in exchange-traded funds, and rate cuts by the Federal Reserve. Demand for havens has als

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