NEW YORK, December 28, 2025, 19:10 ET
- Silver climbed above $80 an ounce for the first time in early Asian trading, extending a year-end surge.
- Gold hit a record $4,549 an ounce on Friday, with both metals up sharply in 2025.
- China’s planned silver export curbs from Jan. 1 and expectations of U.S. rate cuts are stoking the rally.
Silver pushed beyond $80 an ounce for the first time in early Asian trading on Monday, extending a year-end rally that has also lifted gold to record highs.
The latest jump matters because investors are heading into 2026 with a heavy tilt toward precious metals, driven by expectations of U.S. interest-rate cuts and demand for assets seen as protection against inflation and currency moves.
Supply worries are adding fuel. China is set to impose new restrictions on silver exports starting Jan. 1, while demand has been rising for the metal in areas such as solar panels and electric vehicles, the Guardian reported.
On Friday, gold climbed to a record $4,549 per ounce before settling at $4,534.16, while silver surged to an all-time high of $79.70 and settled at $79.25, The National reported.
Gold has gained nearly 71% this year and silver has jumped about 145%, according to The National’s report.
“We can say it: it’s been a golden year,” said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank. The National
Tesla chief executive Elon Musk has warned on X that record silver prices could hurt manufacturers that depend on the metal, which is used in electrification, solar panels, electric vehicles and data centres, the Guardian reported.
Gold is widely seen by investors as an inflation hedge, while silver often trades with a split personality: part store of value, part industrial input tied to manufacturing demand.
Analysts have linked the broader precious-metals rally to expectations of U.S. rate cuts in 2026, alongside demand for safety amid geopolitical tensions.
A weaker U.S. dollar and thin holiday liquidity have also helped amplify moves, Bloomberg reported in a markets wrap carried by Swissinfo.
The rally has not been limited to gold and silver. Platinum and palladium — both used in automotive catalytic converters — have also surged on tight supply and trade uncertainty, the Guardian said.
Investors will also be watching the minutes of the Federal Reserve’s December meeting for clues on how quickly policymakers might ease further, Tony Sycamore, a market analyst at IG Australia, wrote in a note cited by Bloomberg.
The World Gold Council said its 2026 outlook will hinge on economic growth and interest rates, while investor and central-bank demand has been supported by diversification needs, according to The National.
With China’s export curbs due to start within days and markets still thin, traders are bracing for continued volatility as the year closes and positioning builds for 2026.
