Precious Metals Are Closing Out 2025 With A Sparkle: Gold, Silver Hit Fresh All-time Highs Again

Spot gold rose to $4,497.69 an ounce, while spot silver nearly breached the $70 mark for the first time.

• Gold futures for February 2026 deliveries jumped 1% to $4,515.2 an ounce.
• Silver futures for March 2026 deliveries were up 0.8% at $69.6 an ounce.
• Silver, in particular, has rallied strongly in December, hitting new highs 11 times in the month.

Precious metals are closing the year on a powerful note, as rising investor anxiety over policy, deficits, and inflation sent gold and silver surging to fresh all-time highs on Tuesday.

Spot gold (XAUUSD) rose to $4,497.69 an ounce, while spot silver (XAGUSD), which has been on a record-breaking run in December, nearly breached the $70 mark for the first time. Gold futures for February 2026 deliveries jumped 1% to $4,515.2 an ounce, while silver futures for March 2026 deliveries were up 0.8% at $69.6 an ounce.

Spot silver’s rally has seen the precious metal hit new highs 11 times in December alone.

Yardeni Forecasts $6,000 An Ounce

Yardeni Research reportedly raised its gold outlook on Monday, saying the sharp rally across precious metals reflects mounting macroeconomic and policy concerns rather than a rebound in global growth.

Gold prices are up about 69%, but gains in silver, platinum, and palladium have been even stronger, weakening the argument that industrial demand is driving the move. Yardeni noted that basic metals, which are closely tied to manufacturing, have lagged significantly.

While central bank buying helped fuel gold’s breakout above $2,000 an ounce in early 2024, the surge in other precious metals points to broader investor unease. The firm warned that an overly stimulative mix of U.S. monetary and fiscal policy could pressure bond yields, prompting it to raise its year-end 2026 gold target to $6,000 an ounce.

In an interview with CNBC-TV18 on Monday, Yardeni said that gold could climb up to $10,000 by the end of 2029.

Earlier this month, J.P. Morgan Global Research forecast prices to average $5,055 an ounce by the final quarter of 2026, rising toward $5,400 an ounce by the end of 2027. 

“While this rally in gold has not, and will not, be linear, we believe the trends driving this rebasing higher in gold prices are not exhausted. The long-term trend of official reserve and investor diversification into gold has further to run. We expect gold demand to push prices toward $5,000/oz by year-end 2026,” said Natasha Kaneva, head of Global Commodities Strategy at J.P. Morgan. 

How Have The ETFs Done?

SPDR Gold (GLD) was up around 1% in premarket trading on Tuesday. It is on track to open at an all-time high.

Retail sentiment on Stocktwits remained ‘bullish’ over the past 24 hours, amid ‘extremely high’ message volumes. Its YTD gains stand at 67%.

Meanwhile, iShares Silver Trust (SLV) was also up 1% in premarket, but its 2025 gains are nearly double GLD’s at 133%.

Retail sentiment for SLV on the platform remained ‘bullish’ amid ‘high’ message volumes.

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