Gold and Silver Smash Records Again as Rally Gathers Momentum

Gold, Silver Smash Records as End-Of-Year Rally Continues

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By Robin Paxton, Preeti Soni, and Yvonne Yue Li

December 25, 2025 at 11:29 PM UTC

Updated on

December 26, 2025 at 7:12 PM UTC

Gold, silver and platinum jumped to all-time highs to extend a historic end-of-year rally for precious metals, with support from escalating geopolitical tensions, US dollar weakness and thin market liquidity.

Spot gold rose as much as 1.6% to a peak above $4,540 an ounce on Friday. Spot silver for immediate delivery advanced for a fifth session, climbing as much as 7.6% to cross $77 an ounce.