Business31 December, 20252 min read
Investors Drive Gold Up 70% and Silver Up 160% in Biggest Annual Rally Since 1979
This article is an automated aggregation of coverage from news outlets. Our editorials offer in-depth analysis curated by the NewsCord team.
Gold rallied roughly 60–70% this year, reaching record highs above $4,549 per ounce Silver climbed over 150–160% this year, trading around $71 per ounce
6 outlets told this the same way.
2025 precious metals rally
Investors drove an extraordinary rally in precious metals in 2025, sending gold up roughly 70% and silver up about 160% — the biggest annual gains since 1979. Demand from investors, central banks and exchange-traded funds surged amid market turbulence and macroeconomic uncertainty.
“Gold up about 70% in 2025; silver up roughly 160% year-to-date, including a >30% jump in December.”
Multiple news outlets reported similar peak prices and large yearly gains for both metals. Daijiworld stated that "Gold up about 70% in 2025; silver up roughly 160% year-to-date," Economy Middle East noted silver was "up more than 150% YTD," the BBC said both metals posted "their biggest annual gains since 1979," and Aaj English TV put gold up "about 66% in 2025" and noted a spot gold peak above $4,549/oz.
Gold rally drivers
Analysts and reporters attribute the rally to a mix of policy expectations and market stress. Key drivers cited include expectations of US Federal Reserve rate cuts in 2026, heavy central-bank buying, a softer US dollar and falling real yields. BBC explicitly links the rally to expectations of Fed cuts in 2026, heavy central-bank buying and safe-haven demand; Economy Middle East highlights the inverse relationship between real yields and gold and says falling yields helped gold climb; and Daijiworld adds safe-haven demand after US tariff moves and a more than 9% fall in the US dollar versus major currencies.
Silver price surge drivers
Silver’s surge was especially pronounced and closely linked to industrial demand factors. It reached an all-time high of $83.62 and had intermittent pullbacks into the low $70s.
Analysts point to tight supply, its critical-minerals status, and rising industrial use in electric vehicles, electrical circuits and solar. Economy Middle East reported silver pulled back 8.8% to $71.07 after the record, Daijiworld highlighted strong industrial demand, and the BBC recorded the $83.62 peak.
Precious metals market update
The rally in precious metals featured heavy market flows and episodic volatility. ETFs recorded large inflows. Short-term swings often followed news and public comments.
Technical factors or margin changes triggered temporary weakness. Daijiworld reports that major ETFs saw large inflows (GLD > $20B; SLV ≈ $3.5B). The outlet also notes short-term swings, saying silver fell after comments by Elon Musk but rebounded, while gold saw profit-taking after positive news on Ukraine.
Aaj flags technical factors including a CME margin increase and thinner holiday trading. BBC warns the sharp 2025 run-up makes both metals vulnerable to a significant pullback next year if investors readily liquidate easily sold winners.
2026 Gold Outlook
Analysts and banks are divided: some forecast continued gains into 2026 under current macro conditions, while others warn of sharp corrections after the rapid 2025 advance. Economy Middle East reports major banks’ average 2026 forecasts clustering around $4,500-$4,700 per ounce, with an upper band near $5,000. Aaj cites a forecaster who sees a possible test of $5,000 by early Q1 2026.
“Major banks’ average 2026 forecasts cluster around $4,500–$4,700/oz, with an upper band near $5,000 if macro conditions don’t tighten.”
The BBC and other market commentators caution that the sharp run-up makes both metals vulnerable to a significant pullback next year. Daijiworld summarizes analysts saying gold’s appeal as a non-sovereign asset and multiple macro factors underpin the rally.