Gold per troy ounce reaches all-time highs amid extreme volatility at the close of 2025

The transition to 2026 confirmed the strength of precious metals, with gold in troy ounces recording significant recoveries after sharp corrections at the end of the year. According to expert analysis, these movements reflect deep dynamics in the global commodities market and a renewed appetite for safe-haven assets.

Unprecedented Records in the Last Days of 2025

The year 2025 ended with notable milestones for all precious metals. Gold experienced a historic year-over-year increase of 64.6%, while silver surged 148%, both the largest annual gains since 1979. Platinum rose 127%, its best performance since it began trading in 1987, and palladium increased 77.5%, marking its best year in 15 years.

During the holiday period, upward pressure intensified. Gold reached an unprecedented price of $4,550 per troy ounce in mid-December, while silver hit a record high of $84 per troy ounce in the final days of the month. Platinum touched $2,490 per troy ounce, and palladium approached $2,000 per troy ounce, a three-year high.

Factors Amplifying Year-End Volatility

Lower market liquidity during the holidays was a key catalyst for these extreme movements. In the case of silver, additional pressures came from concerns over limited physical supply, decreasing inventories in China, reduced stockpiles on COMEX, and new Chinese export restrictions set to take effect in early 2026.

However, the euphoria was short-lived. By the end of December, prices experienced significant corrections. Silver, in particular, fell more than $10 in a single session, marking its largest percentage daily loss in over five years. These movements forced CME, operator of COMEX, to further increase margin requirements for silver futures, leading to margin calls and probable forced liquidations among investors. The Shanghai Futures Exchange had taken similar measures earlier.

The New Year Brings Renewed Momentum for Precious Metals

With the arrival of 2026, precious metal prices began a remarkable recovery. Gold in troy ounces rose approximately 3%, approaching $4,450 again, while silver advanced over 5% to $76.6. Both metals maintain their upward trajectory at the start of the new year.

Several factors support this rebound. Recent geopolitical activity in Venezuela has increased demand for safe-haven assets, a traditional phenomenon amid global uncertainty. Simultaneously, the US manufacturing index (ISM) fell in December to its lowest point in 14 months, exerting downward pressure on the US dollar and fueling expectations of interest rate cuts by the Federal Reserve.

This macroeconomic environment significantly strengthens the position of yieldless assets like gold in troy ounces and silver, which benefit from a weaker dollar and expectations of lower rates. The convergence of these dynamics suggests that demand for precious metals could sustain its momentum in the coming months, although the extreme volatility observed at the end of 2025 is likely to persist.