Gold, Silver End 2025 With Record Gains After CME Margin Hike Whipsaws Trade

Overview

• CME Group raised margin requirements on metal futures late Dec. 29, triggering a sharp sell-off that pushed Comex gold down about 4.6% and silver down 8.7% for the session.
• Prices rebounded on Dec. 30 as gold rose 0.98% to $4,386/oz and silver jumped 10.6%, with thin year-end liquidity, geopolitical headlines and Fed minutes shaping the move; the minutes suggested a potential pause in further near-term easing.
• For 2025, gold gained roughly 65% and silver more than 160%, holding well above prior levels after December records near $4,500/oz and above $76/oz, supported by persistent central-bank demand that included a sizable build by Brazil.
• The U.S. dollar fell 11.18% against the real in 2025 as Brazil’s Ibovespa advanced 33.95% to 161,125 points, marking its strongest nominal annual gain since 2016.
• Crypto flows softened late in December, with spot bitcoin ETFs recording a US$275.9 million net outflow on Dec. 26 as bitcoin traded near $88,000 and moved toward a yearly decline.