What's happened
Gold, silver, and copper prices surged to record levels on December 22, 2025, driven by expectations of US rate cuts, geopolitical tensions, and supply constraints. Gold surpassed $4,450 an ounce, silver hit $69, and copper neared $12,000 per ton, marking their best annual performances since 1979 and the Great Financial Crisis.
What's behind the headline?
The surge in metals prices reflects a confluence of macroeconomic and geopolitical factors. Lower interest rate expectations make non-yielding assets like gold more attractive, especially as traders anticipate rate cuts in 2026. Geopolitical tensions, notably US actions against Venezuela, have increased safe-haven demand. Supply pressures in silver and copper, vital for digital infrastructure, amplify their price gains. This trend indicates a sustained shift towards metals as a hedge and investment, with some forecasters predicting gold could reach $5,000 per ounce in 2026. The rally underscores the importance of metals in the evolving AI and electrification economy, and central bank buying is likely to continue supporting prices.
What the papers say
Business Insider UK highlights the metals' rally driven by rate cut bets, geopolitical tensions, and supply issues, with gold up 67% year-to-date. The Guardian emphasizes the unprecedented levels reached, citing safe-haven demand amid geopolitical risks and US rate expectations. France 24 notes the record highs and supply constraints, with analysts warning of potential profit-taking as the year ends. All sources agree that macroeconomic policies and geopolitical tensions are the primary drivers, with supply pressures adding to the momentum.
How we got here
The rally in precious metals this year has been fueled by global geopolitical uncertainties, accommodative monetary policies, and expectations of lower US interest rates in 2026. Central bank purchases and supply constraints have further supported prices, with metals like silver and copper also benefiting from their roles in electrification and AI infrastructure.
Go deeper
Common question
-
Why Are Gold, Silver, and Copper Prices Hitting Record Highs Now?
Metal prices like gold, silver, and copper have surged to historic levels recently. This raises questions about what's driving this rally and what it means for investors and consumers. In this page, we'll explore the key factors behind the record highs, including economic policies, geopolitical tensions, and supply issues. Keep reading to understand why these metals are reaching new peaks and how it might impact your financial decisions.
More on these topics
-
Silver is a chemical element with the symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it exhibits the highest electrical conductivity, thermal conductivity, and reflectivity of any metal.
-
Gold is a chemical element with the symbol Au and atomic number 79, making it one of the higher atomic number elements that occur naturally. In a pure form, it is a bright, slightly reddish yellow, dense, soft, malleable, and ductile metal. Chemically, go