NEW YORK, December 29, 2025, 14:06 ET
- Spot gold fell 4.2% to $4,340.52 an ounce by 12:00 p.m. ET; silver slid 8.4% to $72.51 after hitting a record earlier.
- Platinum dropped nearly 13% from an intraday record; palladium sank 15% as the broad metals rally reversed.
- Oil rose more than 2% as investors weighed Ukraine-related diplomacy and Middle East supply risks in thin holiday trading.
Gold and silver tumbled on Monday after touching record highs, as investors locked in gains in thin year-end trading. Spot gold fell 4.2% to $4,340.52 an ounce by 12:00 p.m. ET, while silver slid 8.4% to $72.51.
The pullback matters because markets are heading into the final, holiday-shortened week of 2025 after a sharp late-year run in commodities and currencies. Traders have pushed precious metals to records on expectations of lower U.S. interest rates, which tend to support non-yielding assets like gold.
With liquidity patchy around year-end, routine position trimming can move prices quickly. Investors are also watching for fresh policy signals, including minutes from the Federal Reserve’s last meeting later this week.
Platinum fell nearly 13% to $2,134.59 an ounce after hitting a record $2,478.50 earlier in the session, while palladium dropped 15% to $1,636.80. David Meger, director of metals trading at High Ridge Futures, said “we are seeing profit-taking pullbacks off of those spectacularly high levels.” ( Reuters)
Gold hit a record $4,549.71 on Friday, while silver earlier touched a record $83.62. Gold is up about 65% in 2025 and silver has gained 150%, helped by supply constraints and strong industrial and investor demand.
The metals reversal came as U.S. stocks eased from record highs and the dollar stayed under pressure. MSCI’s all-country world index was down 0.21% at 1,020.75, while the dollar index slipped to 98.00 and the euro edged up to $1.1782.
The dollar fell 0.22% to 156.19 yen after minutes from the Bank of Japan’s policy meeting, while the U.S. 10-year yield eased to 4.124%. Investors have been adjusting positions as they weigh prospects for Federal Reserve rate cuts next year.
Oil rose, with U.S. crude up 2.47% at $58.14 a barrel and Brent up 2.26% at $62.01. Investors weighed hopes of progress from talks between U.S. President Donald Trump and Ukraine’s President Volodymyr Zelenskiy against concerns about potential supply disruptions in the Middle East.
BullionVault said gold and silver whipped around as London traders returned from the Christmas break to heavy speculation in China, with prices running close to $4,550 for gold and $84 for silver before falling back. It said spot silver in London peaked at $83.90 an ounce. ( Bullionvault)
In Shanghai, silver traded at a record premium of more than $8 an ounce over London prices, BullionVault said, with the yuan holding near 7.00 per dollar. It said Shanghai silver rose to a dollar-equivalent price above $86 an ounce even as Shanghai gold slipped to 1,001 yuan per gram.
BullionVault also pointed to volatility in a Chinese silver exchange-traded fund — a fund that trades like a stock — where trading resumed after a halt tied to sharp price swings. It said the fund had traded more than 60% above its net asset value, or the value of the metal it holds, and that the premium eased to 34% on Monday.
Solar panel makers are a key source of industrial demand for silver, but BullionVault cited specialist consultancy Metals Focus as projecting a smaller silver market deficit in 2026 even if supply still lags demand for a sixth year. BullionVault said manufacturers have been reducing the amount of silver used per photovoltaic, or solar, panel as prices rose, while copper — a substitute in some installations — also swung after hitting a record in Shanghai settlement.
A Forex Factory markets update described global trading as steady as gold pulled back and oil firmed, while the Financial Times said a record-breaking silver rally had gone into reverse. ( Forexfactory) ( Ft)
