Overview
- Spot gold traded around $4,520–$4,530 after setting a new peak above $4,530, leaving it up roughly 70–72% in 2025 for its strongest year since 1979.
- Silver surpassed $75 for the first time on record with year‑to‑date gains near 150–158%, lifted by persistent supply tightness, speculative inflows, strong industrial demand, and its U.S. critical‑minerals status.
- Platinum climbed to all‑time highs near $2,450, extending a roughly 160–170% advance this year on mine disruptions in South Africa, smaller market liquidity, and rotation from gold.
- The rally drew support from sustained central‑bank buying (over 1,000 tonnes annually in recent years), ETF inflows, a weaker dollar, and heightened geopolitical risks including U.S.–Venezuela frictions and a U.S. strike on ISIS in Nigeria.
- Banks and trading firms expanded bullion desks, vaulting and logistics to capture surging flows, with precious‑metals trading revenues up about 50% in the first nine months of 2025, while some houses project further gold gains into 2026.