"Gold and silver fell on the last trading day of 2025, though both remained on track for the biggest annual gain in more than four decades as a banner year for precious metals draws to a close. Spot gold hovered around $4,320 an ounce, while silver slid toward $71. The two have seen exceptional volatility in thin post-holiday trading, plunging Monday before recovering Tuesday and dropping again Wednesday."
"Both metals are still on track for their best year since 1979, supported by strong demand for haven assets amid mounting geopolitical risks, and by interest-rate cuts by the US Federal Reserve. The so-called debasement trade - triggered by fears of inflation and swelling debt burdens in developed economies - has helped supercharge the scorching rally. In gold, the bigger market by far, those factors spurred a rush by investors into bullion-backed exchange-traded funds, while central banks extended a years-long buying spree."
"This time around, the record run saw prices smash through $4,000 in early October. "In my career, it's unprecedented," said John Reade, a market veteran and chief strategist at the World Gold Council. "Unprecedented by the number of new all-time highs, and unprecedented in the performance of gold exceeding the expectations of so many people by so much.""
Gold and silver ended 2025 with exceptional annual gains amid volatile trading. Spot gold traded near $4,320 an ounce and silver near $71, with both metals seeing sharp swings in thin post-holiday sessions. CME Group raised margin requirements twice after large moves. Sustained demand for havens, central-bank purchases, investor flows into bullion ETFs, Fed interest-rate cuts and a debasement trade driven by inflation and high debt underpinned the rally. Gold gained about 63% for the year, while silver rallied over 140%, supported by speculative buying and industrial demand including electronics, solar panels and electric vehicles.
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