Precious metals started the New Year higher on Friday, as gold climbed a little from a two-week low hit in the previous session, while the others also pared some losses accumulated in the past week, even as the metals notched unprecedented gains in 2025.
Spot gold rose 0.8% to $4,346.69 per ounce as of 0019 GMT, after hitting a record high of $4,549.71 on December 26. It fell to a two-week low on Wednesday.
U.S. gold futures for February delivery gained 0.5% to $4,360.60/oz.
Bullion staged a stellar rally in 2025, ending the year with annual gains of 64%, its largest since 1979.
Interest rate cuts and bets of further easing by the U.S. Federal Reserve, geopolitical conflicts, robust demand from central banks and rising holdings in exchange-traded funds had fueled gold’s rally last year.
As per the minutes of the U.S. Federal Reserve’s last two-day session in December, the Fed agreed to cut interest rates only after a deeply nuanced debate.
Investors currently expect at least two rate cuts by the Fed this year.
Non-yielding assets tend to do well in low-interest-rate environments.
Spot silver added 2.1% to $72.75 per ounce, after hitting an all-time high of $83.62 on Monday. Silver ended the year surging 147%, far outpacing gold, in what was its best year ever on-record.
The metal broke through multiple important milestones for the first time, propelled by its designation as a critical U.S. mineral, supply constraints and low inventories amid rising industrial and investment demand.
Spot platinum was up 0.2% at $2,057.74 per ounce, after rising to an all-time high of $2,478.50 on Monday, and it too staged its largest gain in a year ever, having climbed 127%.
Palladium rose 2.4% to $1,642.90 per ounce, closing the previous year up 76%, its best in 15 years.
Meanwhile, U.S. President Donald Trump signed a proclamation on Wednesday to delay increases in tariffs for upholstered furniture, kitchen cabinets and vanities for another year, the White House said.
