Key Moments
- Spot gold slipped 0.4% to $4,513.55 an ounce after touching a record $4,549.71/oz in the prior session.
- Gold has risen more than 72% so far in 2025, supported by expectations of further U.S. rate cuts and ongoing geopolitical risks.
- Silver climbed to a new all-time high of $83.62/oz, while London copper futures surged nearly 7% to $12,937.90 a ton.
Gold Eases After Record as Dollar Firms
Gold prices retreated slightly on Monday, pausing after a powerful advance that had pushed the metal to fresh records in the previous session. The modest pullback came as some investors chose to lock in recent gains and as the U.S. dollar strengthened marginally.
Spot gold was last down 0.4% at $4,513.55 an ounce as of 00:51 ET (05:51 GMT), after setting a record high of $4,549.71/oz on Friday.
U.S. gold futures for February delivery slipped 0.3% to $4,536.80/oz.
The retreat followed a robust performance last week, when gold prices advanced 4.5%.
Rate Cut Expectations and Geopolitics Underpin Bullion
The metal’s recent surge has been driven primarily by growing confidence that the U.S. Federal Reserve will continue to lower interest rates next year. Market participants have increasingly factored in a faster pace of easing in 2026 as inflation shows signs of moderating, a backdrop that tends to favor non-yielding assets such as gold by lowering the opportunity cost of holding them.
Anticipation of more accommodative monetary policy has also pressured the dollar this year, adding another layer of support to bullion prices.
Gold has delivered standout returns in 2025, climbing more than 72% so far this year.
Analysts link the move to several reinforcing themes: aggressive accumulation by central banks, substantial inflows into gold-backed exchange-traded funds, ongoing geopolitical frictions, and renewed demand from investors looking to hedge against currency swings and broader macroeconomic uncertainty.
On Monday, however, bullion prices eased off record levels after U.S.-led negotiations aimed at halting the war in Ukraine failed to achieve a decisive breakthrough. Any lasting settlement that meaningfully reduces global tensions is viewed as a possible headwind for gold, but developments to date have not yet reached that point.
Good morning from Germany 🇩🇪 where I'm witnessing some unreal action in the #silver price.#Gold $4,481 ↘️
Silver $76.32 ⬇️Massive volatility in silver, shooting up to $83.12 overnight, now down about 3.5%. Shanghai silver price still over $80/oz. Fun times. Play responsibly. pic.twitter.com/lcQR8huQ9c
— Kai Hoffmann (@JrMiningGuy) December 29, 2025
Performance Snapshot for Key Precious and Base Metals
| Instrument | Latest Move / Level | Notable Recent High |
|---|---|---|
| Spot gold | Down 0.4% at $4,513.55/oz | Record $4,549.71/oz (Friday) |
| U.S. gold futures (February) | Down 0.3% at $4,536.80/oz | N/A |
| Silver | New record at $83.62/oz | $83.62/oz (new all-time high) |
| Platinum | Edged lower after earlier gains | Record $2,478.5/oz (earlier in the day) |
| London copper futures | Up nearly 7% to $12,937.90/ton | $12,966.25/ton (earlier in the day) |
| U.S. copper futures | Up over 1% to $5.90/lb | N/A |
Silver and Platinum Exhibit Diverging Moves
Beyond gold, other precious metals continued to show strong momentum following recent rallies.
Silver prices jumped to a fresh record high of $83.62/oz. The metal has drawn support from solid industrial usage alongside its perceived safe-haven function.
Platinum, by contrast, moved slightly lower after earlier touching a record intraday peak of $2,478.5/oz. The metal has been buoyed by supply-side constraints and improving demand outlooks in both automotive and industrial applications.
Copper Extends Gains on London and U.S. Markets
Base metals also participated in the upswing. Benchmark copper futures on the London Metal Exchange climbed nearly 7% to $12,937.90 a ton, after earlier reaching $12,966.25 per ton earlier in the day.
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