Overview
- Gold hit an intraday high of $4,497.74 per ounce on December 23, topping Monday’s new peak above $4,400.
- Silver approached $70 per ounce after notching records, with a year-to-date gain near 140% versus roughly 70% for gold.
- Low real yields, a softer dollar, geopolitical and trade uncertainties, and heavy central-bank buying are driving the surge, with the ECB noting official buyers exceeded 20% of global demand in 2024.
- Investor inflows into ETFs, bars and coins accelerated in 2025, while mine supply grew only slightly and new projects face long development timelines.
- Industry experts and the World Gold Council see prices remaining firm into 2026, with swings likely as geopolitics and interest-rate expectations shift.