Overview
- Spot gold climbed to about $4,530 per ounce with futures near $4,545, extending 2025 gains to roughly 70% for the strongest year since 1979.
- Silver jumped to a first-ever $75 per ounce and is up around 150% this year, outpacing gold on tight supply and strong industrial demand.
- Platinum set new highs above $2,400 per ounce after a sharp run fueled by mine disruptions in South Africa and sustained automotive demand.
- Analysts cite continued central-bank accumulation of more than 1,000 tonnes annually, a weaker dollar, and renewed ETF and physical inflows as key drivers.
- Geopolitical tensions, including a U.S. move to seize a Venezuela-linked tanker and wider flashpoints, boosted haven buying, while JPMorgan forecasts gold could exceed $5,000 in 2026.