Year-end volatility drives precious metals to all-time highs per troy ounce of gold

The end of 2025 was accompanied by a series of dramatic movements in the precious metals markets. During the holiday season, these assets experienced unprecedented rises followed by equally sharp corrections, reflecting the low liquidity typical of that period. According to analysts like Carsten Fritsch from Commerzbank, the troy ounce of gold reached a record high of $4,550 during Boxing Day, marking a historic milestone that illustrates the recent intensity of market movements.

Gold and silver break records during the holiday period

The most liquid precious metals experienced days of extreme volatility. Silver showed the most spectacular performance, reaching a high of $84 per troy ounce in the early hours of December 29. In the same context, platinum hit $2,490 per troy ounce, while palladium reached a level not seen in three years, approaching $2,000.

The reduced availability of transactions during the holidays acted as a catalyst for these exaggerated moves. For silver, additional factors intensified the upward pressure: concerns over limited physical supply, reductions in Chinese inventories, declines in COMEX warehouses, and new export restrictions China will implement in early 2026.

However, the trend was not sustained. On December 29, silver fell more than $10, recording its largest daily percentage loss in over five years. This volatility led CME to tighten margin requirements for silver futures, causing forced liquidations. The Shanghai Futures Exchange had already taken similar measures previously.

Exceptional annual gains across all segments

Despite the final corrections, the annual performance of precious metals was extraordinary. Gold increased by 64.6% in 2025, silver soared by 148%, both marking the largest annual gains since 1979. Platinum rose by 127%, its best performance since it started trading in 1987, and palladium increased by 77.5%, its best result in 15 years.

Demand factors: safe-haven assets and monetary tensions

As 2026 began, prices rose again, approaching the highs reached earlier. In January, gold advanced nearly 3% to $4,450 per troy ounce, while silver increased over 5% to $76.6 per troy ounce.

Recent US military action in Venezuela has heightened the search for wealth protection. Simultaneously, the US ISM manufacturing index recorded its lowest point in 14 months in December, exerting downward pressure on the US dollar and boosting expectations of interest rate cuts by the Federal Reserve. This environment of potentially lower rates significantly favors non-yielding assets like gold and silver.

March 2026 outlook: sustainability of the bullish trend

By mid-March, after two months of movement, factors still support demand for precious metals. The combination of geopolitical uncertainty, relative dollar weakness, and expectations of accommodative monetary policy maintains the appeal of these safe-haven assets. The all-time highs reached by the troy ounce of gold and its peers reflect a strategic repositioning toward safe assets in an environment of high uncertainty.