Precious metals have started 2026 on a strong footing, with gold and silver prices moving higher on Friday, signalling renewed buying interest after a brief pullback at the end of last week. The rebound follows a year of historic gains in 2025, when both metals rewrote long-term records.
Spot gold rose around 1.5% to $4,368.25 per ounce in early trade, recovering after hitting a two-week low in the previous session. The metal had touched a record high of $4,549.71 on December 26 before easing. In the futures market, U.S. gold contracts for February delivery traded higher at around $4,360.60 per ounce.
The early strength indicates that investors continue to buy gold on dips, encouraged by expectations of lower interest rates and persistent safe-haven demand. Despite some profit booking toward the end of December, gold remains well supported by macroeconomic factors.
Gold ended 2025 with a massive 64% annual gain, its strongest performance since 1979. The rally was driven by:
Interest rate cuts by the U.S. Federal Reserve
Expectations of further monetary easing
Ongoing geopolitical tensions
Strong central bank buying and higher ETF inflows
Since gold does not offer interest income, lower borrowing costs tend to boost its appeal as a hedge, a trend that continues into 2026.
Silver also began the year on a strong note. Spot silver jumped 2.6% to $73 per ounce, after touching an all-time high of $83.62 earlier this week.
The metal ended 2025 with an extraordinary 147% gain, making it the best-performing year on record for silver. The rally was fuelled by its designation as a critical mineral in the U.S., rising demand from clean energy and technology sectors, tight supplies, and low global inventories.
Minutes from the Federal Reserve’s December meeting showed policymakers debating rate cuts amid inflation concerns and growth risks. Markets are currently pricing in at least two rate cuts in 2026, a scenario that typically supports non-yielding assets like gold and silver.
Other precious metals also opened the year higher:
Platinum edged up 0.2% to $2,057.74 per ounce, after posting a 127% gain in 2025, its strongest annual rise on record.
Palladium climbed 2.4% to $1,642.90 per ounce, ending last year up 76%, its best performance in 15 years, supported by auto-sector demand and supply constraints.
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