Precious metals emerged as some of the strongest-performing assets of the year, lifted by geopolitical shocks, expectations of looser monetary policy and a fragile sense of global economic stability. Gold surged to record highs in 2025, recently touching levels as high as $4,481 (€3,797) per troy ounce. That move translated into gains of roughly 55–70% year on year, marking one of the most powerful rallies in decades. Silver, long viewed as gold’s quieter sibling, delivered even more dramatic returns. It outperformed gold in percentage terms, rising around 130–140% over the year and reaching record territory near $69 (€58) per ounce by late 2025.
After decades in which currencies, bonds and real estate dominated portfolios, precious metals reclaimed their role as a safe haven. A year shaped by retaliatory tariffs, central banks steadily reducing their dependence on the US dollar, and persistent political tensions revived demand for assets seen as neutral and durable. Gold and silver benefited from that shift, particularly as investors looked for stores of value insulated from sovereign risk and geopolitical pressure.
This dynamic played out again this week, when gold jumped as much as 2.4% and silver climbed 3.4% after tensions flared between the United States and Venezuela. The move followed reports that the US Navy attempted to seize a third oil tanker linked to the South American country. While gold prices are not directly tied to Venezuela, markets reacted to what the standoff represents: a signal that multiple risks can ignite at once, from energy supply disruptions to sanctions escalation and broader great-power friction. In that environment, gold and silver quickly regain appeal because they are not controlled by any single government, do not rely on corporate earnings, carry no default risk and are far harder to sanction or freeze.
Below is a timeline compiled by Euronews highlighting the key events that shaped gold and silver prices throughout the year.
January–March: Tariffs spark early safe-haven demand
Gold entered the year already elevated, reflecting lingering uncertainty around inflation, interest rates and spillover risks from Russia’s ongoing invasion of Ukraine. Momentum accelerated in March, when gold surged above $3,000 (€2,544) per ounce for the first time in 2025. The trigger was growing concern over new and expanding US tariffs under President Donald Trump, particularly on steel, aluminium and the prospect of broader trade measures. Markets interpreted these moves as the opening stages of a renewed trade war, raising inflation risks and pushing investors toward gold as a hedge. Silver reacted more cautiously at first, lagging behind gold in the early months.
April–June: Middle East tensions drive fresh highs
The announcement of Trump’s so-called Liberation Day tariffs on 2 April reignited market anxiety. Spot gold prices quickly climbed toward record levels above $3,100 (€2,628) per troy ounce as traders priced in the risk of an escalating global trade conflict. Through spring and early summer, gold continued its steady ascent, eventually reaching new highs of up to $3,354 (€2,842) per ounce. Broader geopolitical stress reinforced the move, particularly renewed tensions in the Middle East and the deepening conflict between Iran and Israel. In late June, the situation intensified when the US Air Force and Navy struck three nuclear facilities in Iran during the Iran–Israel war, further boosting demand for safe-haven assets.
July–September: Fed pressure and a full tariff regime
A public clash between President Trump and Federal Reserve Chair Jerome Powell added fuel to gold’s mid-year rally. Trump repeatedly criticised Powell for keeping interest rates high and openly pressed for cuts that the Fed declined to deliver, prompting speculation about potential changes in Fed leadership. Against this backdrop, spot gold climbed above $3,400 (€2,883) per ounce over the summer. The rally drew strength not only from shifting monetary policy expectations but also from continued uncertainty around global trade. On 11 July, Trump unveiled a sweeping tariff package, much of which had been delayed after the initial April rollout and ultimately took effect on 1 August. The measures reinforced a broader trend of central banks increasing gold holdings as part of long-term reserve diversification. Silver also extended its gains during this period, reaching $38.46 per ounce in mid-July.
October–November: Gold breaks $4,000 amid mounting risks
Gold crossed the $4,000 (€3,392) per ounce threshold in early October as safe-haven demand intensified. Investors weighed expectations of future Federal Reserve rate cuts against stubborn geopolitical and policy uncertainty. By 13 October, prices climbed above $4,133 (€3,504) amid renewed US–China trade tensions. Later in the month, tentative optimism around progress in US–China talks briefly pulled gold back below $4,000, but the broader upward trend remained intact. Markets also focused on the risk of a US government shutdown and continued public criticism of the Fed’s policy stance from the Trump administration. By late November, gold was on track for its fourth consecutive monthly gain, trading around $4,210 (€3,567) on 28 November, while silver hit a fresh record near $56.78 (€48.12) per ounce.
December: Venezuela crisis caps a historic year
Late December delivered the most dramatic moves of all. Gold surged to new records above $4,490 per troy ounce, while silver pushed close to $70 per ounce as investors rushed into safe havens following reports of US military action and renewed attempts to seize Venezuela-linked oil tankers. At the same time, markets priced in expectations of further Federal Reserve rate cuts in 2026, a shift that could lower real yields and provide additional support for bullion. A weakening US dollar amplified those forces, closing out a year in which precious metals firmly reclaimed centre stage.
