Silver prices gained more than three percent in spot trading, hitting a new record high for the first time ever.
Silver was trading at $66.14 before declining slightly later.
In contrast, gold continued its gains after the release of the US jobs report, which showed a rise in the unemployment rate in November.
The data reinforced expectations of a larger cut in US interest rates in the coming period.
The price of gold in spot trading rose by about four-tenths of a percent to $4,318.37 an ounce in early trading.
US gold futures also rose by about three-tenths of a percent to $4,347.10.
Dollar weakness and yield pressures
The US dollar fell to its lowest level in more than two months, increasing the appeal of gold to buyers outside the United States.
Yields on 10-year US Treasury bonds also fell following the latest unemployment data.
The data showed that the unemployment rate in the United States rose to 4.6 percent in November.
The reading was higher than economists' estimates of 4.4 percent, amid continued uncertainty surrounding US President Donald Trump's trade policy.
Monetary policy forecasts
The Federal Reserve had cut interest rates by a quarter of a percentage point for the third time this year.
The remarks of the House chairman, Jerome Powell, were interpreted as being less hawkish than expected.
Market participants still expect two further interest rate cuts of 25 basis points each during 2026.
Gold, which does not generate income, typically benefits from a low interest rate environment.
Investors are awaiting the release of US inflation data in the coming days.
This data includes the Consumer Price Index for November, as well as the Personal Consumption Expenditures Index, the Federal Reserve's preferred measure of inflation.
