Precious metal prices experienced stunning rises in the final days of the year, followed in some cases by sharp setbacks. On Christmas Day, the price of gold reached a new record high of $4,550 per ounce, noted Carsten Fritsch, commodities analyst at Commerzbank.
Gold and silver hit records amid holiday volatility
“The price of silver rose more sharply over the holiday season, also reaching a record high of $84 per troy ounce in the early hours of December 29. The same was true for the price of platinum, which reached $2,490 per ounce. Palladium reached a three-year high of just under $2,000 per ounce. Price increases are likely to be supported by weak liquidity due to the holidays. In the case of silver, there are concerns about physical shortages, low inventories in China, and lower… Inventories on the COMEX and Chinese export restrictions, which take effect at the beginning of 2026, have added to the momentum.
“However, prices retreated from these levels by the end of the year. The price of silver fell by more than US$10 during trading on December 29, recording its largest daily loss in more than five years. Due to high volatility, the Chicago Mercantile Exchange, as owner of the COMEX, raised margin requirements for silver futures contracts, triggering margin calls and likely forced selling by investors. The Shanghai Futures Exchange had already previously raised margin requirements. At the end of the year all precious metals recorded Historic price increases this year, with gold up 64.6% year over year, and silver up 148%, in each case the strongest annual increase since 1979. Platinum rose 127% last year, the strongest rise since trading began in 1987. Palladium rose 77.5%, the strongest rise in 15 years.
“At the beginning of the new year, precious metal prices are rising again and approaching the highest levels recorded at the end of 2025. Yesterday, gold rose almost 3% to $4,450 per ounce, while silver rose a good 5% to $76.6 per ounce. Today, both prices continue to rise. The US military intervention in Venezuela last weekend provides a tailwind, increasing demand for safe havens. In addition, the ISM per ounce The US manufacturing sector was disappointing in December, falling to a 14-month low, putting pressure on the US dollar and boosting expectations of an interest rate cut from the Federal Reserve, meaning tailwinds for non-interest bearing investments such as gold and silver.
