Precious metals reach all-time highs per troy ounce of gold while facing unprecedented volatility

The last months of 2025 marked a dramatic turning point for precious metals markets, with the troy ounce of gold and other metals experiencing extraordinary gains followed by sharp corrections. According to commodity analysts at Commerzbank, these fluctuations reveal both opportunities and systemic risks in global financial markets.

Historic Records in Precious Metals During Year-End Closure

The volatility during the late 2025 holiday period completely transformed the price landscape. Gold reached an unprecedented high of $4,550 per troy ounce in late December, surpassing all previous records. This figure represents an extraordinary milestone for the troy ounce of gold in international markets.

Silver experienced an even more pronounced rebound, reaching $84 per troy ounce, while platinum hit $2,490 per troy ounce. Palladium, for its part, reached three-year highs approaching $2,000 per troy ounce. The lower liquidity characteristic of the holidays amplified these gains, creating ideal conditions for exaggerated movements.

Specific Bullish Pressures on Silver and Structural Factors

Silver faced additional demand pressures stemming from concerns over limited physical supply and rapidly declining inventories in China. This was complemented by significant stock reductions in COMEX and the implementation of new Chinese export restrictions that came into effect in early 2026, reinforcing expectations of future scarcity.

Sharp Corrections and Consequences of Extreme Volatility

Despite these highs, the end of the year brought severe corrections. Silver fell more than $10 on December 29, marking its largest daily percentage loss in over five years. This extreme volatility forced CME, operator of COMEX, to substantially increase margin requirements for silver futures, triggering margin calls and likely forced liquidations of speculative positions.

The Shanghai Futures Exchange had anticipated these pressures by previously raising its own margin requirements, reflecting global concerns about market stability.

Extraordinary Annual Performance of Precious Metals

Despite the final volatility, 2025 closed with unprecedented annual gains. Gold advanced 64.6% year-over-year, with the troy ounce solidifying its position as the preferred safe-haven asset. Silver surged 148%, marking its largest annual jump since 1979. Platinum rose 127%, its highest gain since it started trading in 1987, while palladium increased 77.5%, its best performance in 15 years.

Recovery in 2026 and Sustainability Factors

Entering 2026, precious metals prices are rebounding, approaching levels seen at the end of the previous year. In the first weeks of this year, gold showed increases close to 3%, reaching around $4,450 per troy ounce, while silver advanced over 5% to approximately $76.6 per ounce. Both metals maintain their upward trajectory.

Macroeconomic Factors Supporting Current Demand

Renewed demand for safe-haven assets has been amplified by recent geopolitical tensions, increasing the search for protection against volatility. More significantly, the US ISM manufacturing index fell to its lowest point in 14 months during December, exerting downward pressure on the US dollar. This currency weakness, combined with expectations of interest rate cuts by the Federal Reserve, creates a favorable environment for non-yielding assets like gold and silver. The dollar’s weakness particularly benefits the US dollar-denominated gold troy ounce, encouraging international demand.