Analytics

Gold’s surge in 2025 has challenged the traditional assumption that sharp price gains must be followed by deep corrections. Prices posted their strongest annual jump since the 1979 oil crisis and doubled over the past two years, reaching a record near $4,380 per troy ounce in October after never having traded above $3,000 before March. In previous cycles, such a move would almost automatically have triggered expectations of a collapse. Instead, analysts at JP Morgan, Bank of America, and Metals Focus increasingly argue that gold is entering a structurally higher price regime, with levels around $5,000 per ounce in 2026 now seen as plausible rather than extreme.

Silver’s surge to a new all-time high of around 67 dollars per ounce in December 18 marks one of the most striking commodity stories of 2025. After spending much of the past decade trapped in a narrow range between 15 and 25 dollars, the metal more than doubled in value within a single year. This breakout did not unfold gradually.

Gold’s performance in 2025 has been extraordinary by historical standards. Prices have risen by more than 60% in dollar terms, the strongest annual gain in almost half a century, and in inflation-adjusted terms gold has never been more expensive. History offers a cautionary parallel: after peaking in late 1979, gold lost nearly two-thirds of its value over the following five years. That comparison inevitably raises the question of whether the current rally is another bubble—or whether gold is responding to a fundamentally different global environment.

Silver’s surge above 58 dollars per ounce at the start of December marks far more than a reaction to short-term volatility. The metal has climbed to historic highs, breaking levels untouched even during previous bull markets, and the drivers behind this move point to a deeper structural shift. Shrinking inventories,…

Forecasts from UBS, Goldman Sachs, and Deutsche Bank now converge around a dramatic but increasingly plausible scenario: by 2026, gold will trade between $4,450 and $4,900 per ounce, with realistic pathways toward even higher levels if geopolitical, monetary, or fiscal pressures intensify. What distinguishes this new outlook from previous bullish cycles is the recognition that gold’s rise is not a short-term reaction to volatility but a long-term recalibration of how investors and governments distribute risk in a more fragmented world.

Gold’s violent swings in late 2025 have revived a familiar debate: is the long rally finally losing momentum, or are investors misreading short-term noise as a change in the underlying trend? The answer, increasingly supported by data from the World Gold Council, market behaviour tracked by The Economist, and forecasts from UBS and Bloomberg, is that gold’s long-term foundations remain not only intact but stronger than at any point in the past decade.

China’s abrupt overhaul of value-added tax rules for the gold sector — announced on 1 November 2025 and valid through the end of 2027 — marks one of the most consequential policy shifts the domestic bullion market has seen in a decade.

After an explosive rally that sent silver prices soaring nearly 40% in just two months — peaking at $54.48 on October 17 — the market experienced a sharp correction, tumbling by 16% to $45.56 on October 28. Though prices have since recovered somewhat, trading around $48 at the time of writing, the volatility has raised a key question: was this a brief breather in a broader bull market, or are we…

The third quarter of 2025 was nothing short of remarkable for the global gold market. According to data from the World Gold Council, total demand for gold—including over-the-counter (OTC) transactions—rose by 3% year-on-year to reach 1,313 tonnes, the highest quarterly level ever recorded. However, the true scale of this surge is better captured in value terms: gold demand soared by 44%, reaching 146 billion dollars in Q3 alone.

October 2025 will be remembered in the precious metals market as the month when silver briefly reclaimed center stage, breaking through the long-standing psychological barrier of $50 per ounce—only to retreat below that mark within days. What seemed like a long-awaited vindication for silver bulls turned into a lesson in how fragile momentum can be in a market riddled with structural deficits, supply bottlenecks, and mounting geopolitical and economic uncertainty. To understand what truly happened—and what it reveals about silver’s role in the global financial system—we need to look beyond the headlines and into the deep mechanics of this volatile metal.