Insights 
VT 
Key Points
- Silver gained 161% in 2025, while gold rose 66% and hit multiple record highs.
- Brent and WTI crude fell around 15% this year, weighed down by rising supply.
Precious metals emerged as the strongest performers across commodity markets in 2025, with silver leading the pack and gold setting repeated record highs.
The rally reflected a blend of economic uncertainty, geopolitical risk, and shifting monetary policy expectations.
Silver surged 161% over the year, breaking above the $80 per ounce level for the first time.
Gold followed with a 66% gain, supported by safe-haven demand, central bank buying, and expectations of lower interest rates. Both metals outperformed most major equity indices and currencies during the year.
Structural Drivers Extend into 2026
Analysts expect precious metals to retain support into 2026 as interest rates are forecast to fall further. Central banks have remained consistent buyers of gold, while traders continue to build exposure as a hedge against fiscal and geopolitical uncertainty.
Silver has drawn extra momentum from its designation as a critical US mineral, alongside supply constraints and low inventories. Platinum and palladium are also on track for strong annual gains, benefiting from supply tightness and industrial demand.
Jason Ying, commodities analyst at BNP Paribas, said many of the risks that drove prices higher this year remain in place heading into 2026, leaving room for further gains across the precious metals complex.
Technical Analysis
Silver pulled back sharply after an explosive multi-month rally that saw it surge from around $33 in June to above $76 by late December—a gain of more than 130%.
The latest red candle indicates a possible cooling of momentum, but the broader uptrend remains intact with price still trading well above all three key moving averages (5, 10, 30). The swift rise may have triggered some profit-taking as the market enters the new year.
The MACD remains strongly bullish, but a potential crossover or deceleration in the histogram may signal slowing momentum in the near term.
Support is likely around the $66–68 range (recent consolidation zone), while any sustained break above $73 could resume the climb toward $80.
Cautious Outlook as Markets Remain Split
The divergence across commodity markets highlights shifting investor priorities.
Precious and industrial metals continue to benefit from structural demand and policy trends, while energy and agricultural markets struggle under the weight of oversupply.
Into 2026, falling interest rates may extend support for metals, while other sectors may remain capped unless supply conditions tighten or demand improves.
Learn more about trading Precious Metals on VT Markets here.
