Records in troy ounces of gold and other metals: extreme volatility during the year-end festivities

During the last weeks of 2025, precious metals markets experienced extraordinary movements, reaching unprecedented historical levels before facing severe corrections. According to analysis by Carsten Fritsch, a commodities specialist at Commerzbank, gold’s behavior reached record highs in its trading history, touching the $4,550 per troy ounce barrier near the Christmas holidays.

Record highs during the holiday period: a liquidity reduction phenomenon

The characteristic year-end volatility significantly amplified bullish movements in precious metals. Silver led the largest percentage rally, reaching a record level of $84 per troy ounce in early December 29. Simultaneously, platinum reached $2,490 per troy ounce, while palladium hit its three-year high, hovering around $2,000.

These extraordinary movements in gold and its metal counterparts were mainly attributed to lower market liquidity during the festivities. Specifically, for silver, additional upward pressures came from concerns over limited physical supply, a notable decrease in inventories in China, and reduced stockpiles on COMEX, along with new Chinese export restrictions that came into effect in early 2026.

Sudden corrections and margin adjustments: the other side of volatility

However, the euphoria was short-lived. Prices corrected significantly at the end of the year, with silver experiencing drops of over $10 in a single session, marking its largest daily percentage loss in more than five years. Market instability prompted CME, operator of COMEX, to further increase margin requirements for silver futures, triggering margin calls and likely forced liquidations of positions.

Despite these short-term corrections, annual results in 2025 show extraordinary gains: gold rose 64.6% year-over-year, silver surged 148%, both representing the largest annual jumps since 1979. Platinum increased an impressive 127% (its best performance since it started trading in 1987), and palladium rose 77.5%, marking its best year in 15 years.

Recovery at the start of 2026: return of safe-haven asset interest

With January, precious metals prices resumed their upward trajectory, approaching the highs observed weeks earlier. Gold moved toward $4,450 per troy ounce, gaining nearly 3% in key sessions, while silver advanced over 5% to $76.6 per troy ounce. Both metals maintained their bullish momentum in subsequent weeks.

Multiple factors support this recovery. The U.S. military action in Venezuela increased demand for safe-haven assets, historically linked to gold. Additionally, the U.S. ISM manufacturing index in December recorded its lowest point in 14 months, exerting downward pressure on the U.S. dollar and strengthening expectations of future interest rate cuts by the Federal Reserve. This unfavorable macroeconomic environment for traditional assets generates greater interest in instruments without nominal yields, such as the troy ounce of gold and silver, which serve as hedges against economic uncertainty.