On Dec 29, spot silver spiked to an all-time high of US$84.01 an ounce before pulling back, underscoring the metal’s reputation for sharp swings. Gold also remains near records after a strong year.
Silver has surged to record highs in a volatile year-end rally, extending a 2025 run that has outpaced gold by a wide margin and sharpened debate over whether the move is rooted in fundamentals or momentum.
By Dec 26, gold and silver were up about 70% to 72% and 140% to 150% respectively for the year, according to GlobalData. The gains have come through a year marked by US rate cuts, heavier investor hedging and persistent geopolitical risk. In late December, the rally intensified.
