Overview
- Spot gold printed above $4,530 an ounce and silver crossed $75 for the first time, with the latest spikes confirmed in holiday‑thin trading across Dec. 25–26.
- Year to date, gold is up roughly 70% and silver more than 150%, putting both on pace for their strongest annual returns since 1979.
- Three Federal Reserve rate cuts this year, expectations for further easing in 2026, and persistent central‑bank and ETF demand have underpinned the advance.
- ETF holdings have climbed steadily, with World Gold Council data showing gains in most months and SPDR Gold Trust assets rising by more than 20% in 2025.
- Tensions tied to a U.S. oil‑tanker blockade targeting Venezuela and a U.S. strike in Nigeria boosted haven flows, while silver remains sensitive to supply dislocations since October’s short squeeze and a U.S. Commerce Department probe that could reshape trade.