Overview
- Spot gold eased to about $4,310 per ounce and silver drifted toward $70 on Wednesday on profit-taking plus a firmer dollar.
- CME Group raised margin requirements on precious‑metals futures for the second time in a week, prompting deleveraging by leveraged traders.
- Both metals remain on track for their strongest annual gains since 1979, with gold up roughly two‑thirds and silver near 150% for the year.
- Silver’s rally saw fresh records above $80 earlier this week before abrupt single‑day declines near 9–10% in thin, holiday trading.
- Structural drivers persist into 2026, including tight physical supply, strong industrial and investment demand, and China’s silver export licensing set to begin Jan. 1, 2026.