Gold Ends 2025 Near $4,500 as Silver Breaks $75 in Safe-Haven Rally

Overview

• New York gold futures gained about 70% for the year, the largest annual rise since 1979, with prices touching roughly $4,531 per ounce this week.
• Silver traded above $75 per ounce for the first time as investors sought refuge from economic uncertainty and geopolitical risk, including tensions involving the United States and Venezuela.
• The Federal Reserve lowered its target range to 3.5%–3.75% in December, reducing yields that compete with non‑interest‑bearing metals.
• Central banks continued to accumulate reserves, with World Gold Council data showing purchases above 1,000 tonnes annually in recent years and the PBoC prominent, and some banks such as JPMorgan project potential for prices above $5,000 in 2026.
• The rally broadened across precious metals, with silver up more than 150% year to date, platinum around 150%, and palladium near 100%.