At 1:00 a.m. Beijing time on December 25th, international precious metal futures were mixed. COMEX gold futures closed down 0.01% at $4,505.4 per ounce. COMEX silver futures closed up 1.04% at $71.875 per ounce, continuing to set a new record high. Before this, the domestic commodity market's gold and silver futures continued to rise, both setting new historical highs. However, there was a significant outflow of funds in gold futures, with the scale of funds fleeing reaching 3.5 billion yuan. The Globe and Mail reported that gold has risen by more than 70% this year, marking the largest annual increase since 1979. Investors have been flocking to safe-haven assets amid geopolitical tensions and expectations that the Federal Reserve will continue to ease monetary policy.
Analysts at Societe Generale said in a report: "Investor positions suggest that the rise in gold prices is likely to continue, supporting our forecast of reaching $5,000 per ounce by the end of 2026." Favad Lazakzada, a market analyst at City Index and FOREX.com, said: "There are no bearish factors. The strong momentum, along with a solid fundamental, including continuous central bank purchases, a weakening dollar and some safe-haven demand, all support gold."
Al Jazeera reported that in 2025, the price of silver rose strongly, surpassing that of gold, mainly driven by supply shortages, increased industrial demand, investors' risk-averse sentiment and inflows of stock market investment. Over the past 50 years, there have been two records of silver prices reaching their peaks, including the market peak in January 1980 when the Hunt Brothers in the United States hoarded nearly one-third of the global supply in an attempt to manipulate the market, and the surge in demand for gold and silver as safe-haven assets during the 2011 US debt crisis.
The report also mentioned that after silver was included in the list of key metals in the United States, factors such as geopolitical tensions, economic transformation and the application of modern technology have all elevated its status. Analysts predict that the price of silver may break through $100 per ounce in 2026, and even believe that this could be the largest upward trend in history. The safe-haven attribute of silver, combined with the demand from the technology industry, indicates its potential growth in the new era.
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