The precious metals market concluded 2025 with significant fluctuations, as gold and silver prices soared to record highs before stabilizing. Many experts expect gold prices to continue climbing into 2026. They do predict this growth to be at a more moderate pace than the historic increases seen in the last year. IHS Markit’s senior industry analyst Rania Gule cast light on the turbulent year-end for gold and silver. These rare earth metals are following the complex pattern of the global economy.
In 2025, central banks around the world added hundreds of tons of gold to their reserves, according to the World Gold Council. War, inflation pressure, and historic demand Gold’s cost jumped more than 60% as a result of this unprecedented demand. It eventually jumped to a historical peak above $4,549 (£3,378) for an ounce. On New Year’s Eve the price closed above $4,350, reflecting a robust end of the year for gold.
At the same time, silver had a historic year too, peaking at $83.62 an ounce. After this high, silver found a new equilibrium around $74 an ounce, supported by strong investment and industrial demand. Takieddine pointed out that “supply tightness and industrial demand” were two of the biggest factors leading to silver’s spike.
More recently, China’s Ministry of Commerce has enacted more stringent regulations on the export of silver, tungsten, and antimony. These actions help to conserve the nation’s natural resources and enhance the environment. These restrictions raised concerns among industry stakeholders. Elon Musk commented on the impact of these limits, stating, “This is not good. Silver is needed in many industrial processes.”
Investments into precious metals skyrocketed throughout the year. Investors rushed to exchange traded funds (ETFs) seeking safe-haven assets with escalated global tensions and uncertainty with U.S. economic policy direction. Initially, investors spurred on by more expected interest rate cuts. That excitement inflated historic annual returns for gold and silver.
With 2026 fast approaching, expectations are that gold’s value will only continue to increase. Populations may increase in a way that’s more predictable — and definitely not as extreme as the huge spikes we experienced in 2025. Gule expressed optimism about the future of precious metals by stating, “Gold and silver prices are experiencing a notable rise due to the interplay of several economic, investment, and geopolitical factors.”
Takieddine cautioned that while there is potential for further price increases in silver, “rallies may be followed by sharper corrections.” This precious metals market insight shows the raw volatility that is part of the precious metals market.