In a remarkable display of market momentum, precious metals achieved historic milestones on Wednesday, December 24, 2025, with gold piercing through the $4,500 threshold for the first time in trading history. The unprecedented rally extended across the precious metals complex, with silver and platinum simultaneously reaching unprecedented valuations.
Spot gold demonstrated remarkable resilience, trading at $4,494.49 per ounce by 1220 GMT after establishing a session peak of $4,525.19. Corresponding February delivery gold futures on U.S. exchanges advanced 0.4% to $4,523.10, reinforcing the bullish trajectory.
The silver market witnessed extraordinary performance, achieving an all-time high of $72.70 per ounce before stabilizing at $72.32 with a 1.3% gain. Platinum markets experienced similar exuberance, reaching $2,377.50 before moderating to $2,312.70, still representing a substantial 1.6% increase. Palladium experienced modest profit-taking, declining 1.5% to $1,830.37 after touching three-year highs.
Market analysts attribute this exceptional performance to a convergence of supportive factors. Fawad Razaqzada, market analyst at City Index and FOREX.com, identified “the absence of bearish catalysts combined with powerful momentum underpinned by solid fundamentals” as primary drivers. These fundamentals include sustained central bank acquisitions, a weakening U.S. dollar, and persistent safe-haven demand amid ongoing geopolitical uncertainties.
The gold market has delivered its most impressive annual performance since 1979, appreciating over 70% year-to-date. This surge reflects heightened investor preference for safe-haven assets alongside expectations of continued monetary easing by the U.S. Federal Reserve. Recent comments from President Donald Trump advocating for lower interest rates during strong market conditions have further reinforced this outlook.
Silver’s performance has notably eclipsed even gold’s impressive gains, skyrocketing more than 150% year-to-date. This exceptional performance stems from robust investment demand, its recent inclusion on the U.S. critical minerals list, and expanding industrial applications.
Platinum group metals have demonstrated equally remarkable advances, with platinum and palladium appreciating approximately 160% and over 100% respectively. These gains are fueled by constrained mine production, tariff-related uncertainties, and rotational investment flows from gold positions.
Société Générale analysts noted that sustained purchasing by emerging market central banks continues to provide fundamental support, with commodity strategists maintaining projections of $5,000 per ounce gold by late 2026 barring any significant reversal in institutional accumulation patterns.