Gold and silver soar in year-end rally due to global woes, monetary policy

Gold vaulted through $4,500 an ounce, while silver soared above $70 an ounce, as expectations of looser U.S. monetary policy and pockets of simmering geopolitical tensions lifted both metals to record territory.

- 

Spot gold traded as high as $4,525.19, while silver climbed to a record of $72.70, extending hefty gains this year.

“With precious metals making record prices so late in the year, when ordinarily one might have found time to write a Christmas card or two, perhaps the biggest takeaway is that investors have not treated the festive break as an occasion to take profits,” Mitsubishi analysts said.

Bullion has hit multiple record highs this year, underpinned by US interest rate cuts and a weaker dollar. Analysts see more upside into next year, with Goldman Sachs forecasting gold at $4,900 by December 2026.

The dollar has slumped nearly 10% in 2025, putting it on track for its worst year in eight.

Many investors expect the currency's decline to resume in 2026 as global growth picks up and the Federal Reserve eases policy further.