Gold and silver hit record highs

Escalating geopolitical tensions and expected U.S. interest 
rate cuts are driving investors to seek safe haven in 
commodities, with gold and silver hitting record highs, 
and annual gains not seen in over 40 years

GOLD PRICE ($ per troy ounce)*

SILVER

Dec 24, 2025: Gold
passes $4,500

Dec 22: Silver surges 
to just under $70

6000
5000
4000
3000

70
60
50
40
30

*One pound = 12 troy ounces
One troy ounce = 31.10 grammes

JUL	AUG	SEP	OCT	NOV	DEC


SAFE HAVEN IN TIMES OF CRISIS

Annual gains, gold

1979: 127%
Driven by inflation and 
geopolitical tension 
including Iranian 
Revolution

1981: -33% Drop 
from record highs

2007: 31%
Global financial crisis

2013: -28% Improving
economic conditions, strong U.S. dollar

2025: 67%
Geopolitical tension 
including wars in 
Ukraine, Middle East


Sources: Reuters, Bloomberg, BullionByPost
Picture: Getty Images
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