Gold and silver prices simultaneously fell in the last trading session of 2025, but both still closed a historic year of growth, marking a rare boom period for the precious metals market.
Spot gold prices retreated to around 4,311 USD/ounce after a sharp drop on Monday, while silver slipped close to the 70 USD/ounce mark. After a nearly unstoppable streak of increases throughout 2025, the precious metals market witnessed strong fluctuations in December, when prices continuously peaked and then adjusted due to investors taking profits after the overheated increase. Notably, gold recorded its strongest year of increase since 1979.
Strong volatility forced the Chicago Mercantile Exchange (CME Group) to raise margin requirements for precious metal contracts twice in less than a week. This move is aimed at cooling down the market, as investors are forced to deposit more to maintain their trading position.
The last weeks of the year closed a particularly vibrant period of the precious metal market, in which gold stood out with an increase of more than 65%. The upward momentum was driven by the need for shelter from monetary risks, global public debt, along with strong buying power from central banks and the monetary policy easing cycle of the US Federal Reserve (Fed).
The biggest surprise of 2025 is that traditional safe-haven metals have become speculative assets, especially silver" - Ms. Charu Chanana, Market Strategy Director at Saxo Markets (Singapore), said.
The increase in silver in the second half of the year surprised many investors. In October, the metal surpassed the historical peak of the previous century when concerns about tariffs boosted imports into the US, tightening supply in London amid strong demand from India, creating a rare "supply cut".
After that, silver continued to far exceed the old milestones, jumping above 80 USD/ounce this week thanks to interest rate reductions and a strong speculative wave, even attracting the attention of famous figures like Elon Musk.
The upward momentum is not only stopping at gold and silver. Platinum also broke the long-standing sideways state, setting a new peak in 2025 due to tighter supply, increased inventories in the US and active trading activities on the Chinese futures exchange. This metal is heading towards its third consecutive year of supply shortage, in the context of mining activities in South Africa - a large manufacturing nation experiencing disruptions.
However, in the mid-week session, silver, platinum and palladium prices simultaneously decreased by more than 5%. However, analysts believe that the medium-term upward trend has not been broken.
The outlook for 2026 is still positive thanks to reduced interest rates, prolonged fiscal and geopolitical instability. However, speculative positions are at a high level, so strong corrections may appear," Ms. Chanana said.
At the close of the session, gold prices traded around 4,311.8 USD/ounce, down 0.6%. The Bloomberg Dollar Spot index almost went sideways after a slight increase in the previous session. Silver prices fell by more than 6%, down to 71.4 USD/ounce.
