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Overview
- Comex data show gold fell about 4.6% and silver 8.7% on Dec. 29 after CME Group raised margin requirements for multiple metals contracts, then gold rose 0.98% and silver jumped 10.6% on Dec. 30.
- Gold is up roughly 65–66% in 2025 with highs near US$4,500, its best annual performance since 1979, while silver gained more than 160% on safe-haven and industrial demand.
- The CME described the higher margins as part of a routine volatility review, with the changes taking effect after the Dec. 29 Comex close.
- Federal Reserve minutes pointed to a divided FOMC and suggested a possible pause in further easing, a signal that influenced metals, equities and rates positioning in thin trading.
- Geopolitics and flows added to volatility, with Trump–Zelensky ceasefire talks, Russia’s Oreshnik missile deployment in Belarus, bitcoin consolidating near US$87–88k alongside continued ETF outflows, and strong central‑bank gold buying including Brazil’s roughly 42.8 tonnes in Sep–Nov.