Historic Breakthrough: Gold Breaks Through 4413 USD, Silver Reaches 69 USD, Where Does the Bull Run Momentum Come From?

Recently, the Spot gold price has reached $4,480 per ounce, and the Spot silver price has hit $69.56 per ounce, both setting new historical records. This breakthrough marks the strongest annual performance in the precious metals market since 1979, welcoming 2025.

01 Market Overview: The Birth of a Historical New High

In the third trading week of December 2025, the global precious metals market witnessed an exciting historic moment. The Spot gold price surged strongly during the Asian trading session, breaking through the key psychological level of 4,410 USD per ounce, reaching a high of 4,420.01 USD.

The silver market also showed strong performance, with Spot silver prices significantly rising, setting a new historical record, reaching a maximum of 69.56 dollars per ounce. As of December 23, this upward trend remained unchanged, with Spot gold continuing to rise, reaching a new high of 4,480 dollars per ounce.

From the perspective of annual cumulative increase, this round of rise is even more remarkable. As of late December, the cumulative increase in gold has approached 68% for the year, while the performance of silver is even more astonishing, with a cumulative increase of nearly 139% so far this year.

The gold futures price on the Chicago Mercantile Exchange (COMEX) even broke through $4,450 per ounce, while the silver futures price rose to $69.5 per ounce.

02 Core Driving Forces: The Resonance of New and Old Factors

Multiple factors have jointly driven the “surge” of precious metals this time. Traditional logic and new momentum intertwine, forming a powerful synergy.

From a short-term perspective, the escalation of geopolitical tensions is a direct catalyst. The recent pursuit and arrest of tankers carrying Venezuelan oil by the U.S. Coast Guard, along with large-scale attacks by U.S. forces on targets within Syria, have significantly increased global energy supply uncertainty and the risk premium in the Middle East.

At the same time, market expectations for the Federal Reserve's monetary policy are changing. The market predicts that the Federal Reserve may implement interest rate cuts in 2026, which could weaken the dollar and US Treasury yields, thereby enhancing the attractiveness of non-yielding assets such as gold.

From a long-term structural perspective, the continuous gold purchases by global central banks have provided strong support for gold prices. According to industry analysis, since 2022, the average annual net purchases by global central banks have exceeded 1,000 tons, far surpassing the previous average.

In addition, the fluctuations in market confidence in core U.S. assets such as the dollar and U.S. Treasury bonds have also become an undeniable driving force behind the recent rise in precious metals.

03 Market Reaction: The Carnival of Sector Linkage

The breakthrough rise in precious metal prices has directly driven a widespread increase in the stock prices of major global gold mining companies, creating a linked market trend between precious metal Spot and the equity market.

In the trading on December 22, large miners saw significant gains, with Newmont and Barrick Gold stocks both rising by about 2.5%. In terms of regional distribution, the leading miners with gains are spread across major production areas worldwide, including AngloGold Ashanti in South Africa, Kinross Gold, and Agnico Eagle Mines in Canada.

Not just the stock market, the SPDR Gold ETF tracking the spot gold price also rose by 0.3%, indicating that not only leveraged mining stocks are seeing inflows, but direct investment tools are also attracting capital.

In the secondary market, the A-share precious metals sector also opened high and rose sharply, with leading companies such as Zhongjin Gold, Shandong Gold, and Zijin Mining all seeing an increase of more than 4% on the day.

04 Gold and Silver: Differentiated Rising Logic

In this round of increase, although gold and silver are both precious metals, the driving logic behind them presents significant differences. To illustrate this more clearly, the following table compares and analyzes the core performance and driving factors of the two metals.

This differentiated upward logic means that the forces driving the price increase have expanded from a singular risk aversion sentiment to a comprehensive game of the global macro shift and the new industrial cycle.

05 Future Outlook: Short-term Frenzy or Long-term Bull Market?

Industry institutions generally hold a cautiously optimistic attitude towards the future trends of the precious metals market.

Goldman Sachs' precious metals research report maintains a long-term bullish outlook on gold, expecting a gold price target of $4,900/ounce by December 2026, and points out that upside risks still exist.

This is mainly based on two core drivers: first, the ongoing gold-buying frenzy by global central banks; second, the potential upcoming interest rate cut cycle in major economies.

However, Goldman Sachs also emphasized that gold has a clear upward trend driven by both central bank purchases and the interest rate cut cycle, while silver, platinum, and palladium require more attention to changes in trade policy and industrial demand.

The structural support of the market remains solid. Dong Ximiao, chief researcher at Zhangle, pointed out that the trend of monetary easing is still continuing, and the global central bank's gold buying frenzy has not diminished. These factors will provide long-term support for gold prices.

It is noteworthy that as the influence of the Asian region in the global gold market continues to rise, Hong Kong has officially established a Commodity Strategic Committee, planning to create an international gold trading center, a gold central clearing system, and an industry association, which may further strengthen the voice of the Asian session in global gold pricing.

Future Outlook

At Hong Kong International Airport, the gold warehouse is quietly expanding, with storage capacity planned to increase significantly from 150 tons to 1,000 tons.

At the same time, traders in New York are reassessing the Federal Reserve's interest rate path, while in Shanghai's gold exchange, large orders from institutions are continuously breaking the trading system's records.

Behind the surge in gold and silver prices is not only the continuous accumulation of gold reserves by central banks worldwide but also an indication that global investors are seeking alternatives to the US dollar. The industrial demand for silver is experiencing a revival due to the photovoltaic and electric vehicle industries.