Threshold of abundance: precious metals prices break records

Prices for precious metals have again updated the maximum. The price of gold futures on Monday, December 22, almost reached $ 4,500. The price of silver reached a record $70, and platinum exceeded $2,100. The rise in the price of precious metals occurred against the background of expectations of a Fed rate cut, as well as due to a new round of tension between the United States and Venezuela. In addition, precious metals are bought as a protective asset. How to invest in them and what will happen to prices in 2026 - in the Izvestia article.

Why precious metals are getting more expensive in 2025

The price of precious metals futures at auction on December 22 reached a historic high, according to data from TradingView. So, at the opening, the price of gold was a record $4425 per ounce, and silver — $69.5. By 17:00, the price had only slightly adjusted to $4423 and $68.88, respectively.

Also, the price of platinum futures on this day updated a 17-year record and reached $2,100 per ounce. By 17:00, the price was $2,105.

The increase in precious metals prices in December is systemic and is primarily due to global factors. This is due to the high volatility of the markets that persisted during 2025 and intensified again by the end of the year, believes Alexander Schneiderman, head of Alfa-Forex's customer support and sales department. Historical highs for gold, silver, and platinum were updated almost monthly, which significantly increased the interest of traders and investors focused on volatile assets.

Quotes are more influenced by investors' expectations that the Fed will cut the rate again on January 27-28, 2026, said Alexander Abramov, head of the Laboratory for the Analysis of Institutions and Financial Markets at the Presidential Academy. At a meeting on December 10, the American regulator reduced it by 25 bps to 3.5–3.75% per annum. According to the expert, such a decision will weaken the dollar, but gold will rise in price.

In addition, the level of distrust of the "American" has jumped against the background of the fact that the United States has begun a new round of conflict with Venezuela. The tension began back in September, when Washington began to strike at the republic's ships, allegedly because of the transportation of drugs. On December 21, the United States detained a third oil tanker. This situation motivates central banks in many countries, especially developing ones, to reduce the share of their reserves in US dollars and increase them in gold, said Natalia Milchakova, a leading analyst at Freedom Finance Global.

— In addition, against the background of the aggravated situation around Caracas, uncertainty in the global economy is increasing. There are concerns that Venezuela's naval blockade could disrupt global logistics chains. The country as a whole can reduce the volume of sea transportation of oil and other cargoes along routes passing through the territorial waters of America," the expert added.

Platinum and silver futures prices depend on other factors as well. The first metal, for example, is used in the jewelry industry and the automotive industry, as well as in the production of hydrogen fuel cells, a direction that is currently actively developing in Europe and Asia, Alexey Lossan, an analyst at the financial marketplace Compare, drew attention to. And silver, in turn, is becoming more expensive due to the development of "green" technologies — the manufacture of solar panels and batteries. Increased production in China and India increases the demand for this metal, he said.

Gold, platinum and silver prices in 2026: forecast

In times of crisis, investors are the first to buy gold, and then those metals that directly correlate with it in prices — silver and platinum, said Alexander Bakhtin, investment strategist at Garda Capital. They have been in the shadows for a long time, Lyudmila Rokotianskaya, an expert on the stock market at BCS World of Investments, pointed out. While gold has been setting new records for several years, the rest of the assets have been stagnating. As a result, a significant gap has accumulated, which this year began to "collapse," she added.

Now, in an effort to protect themselves from the gold bubble, investors are investing more in alternatives. Thus, the precious metal rose in price by almost 70% over the year, platinum — by 127%, and silver — by 135%.

Analysts interviewed by Izvestia believe that in 2026, gold is likely to reach $4,800 per ounce, while silver will approach $85-87. In addition, platinum is expected to reach its peak level in quotes. Then the metal will be able to rise above $2,200 per ounce and break the 2007 high.

There are different ways to invest in precious metals. The most common options are savings in the form of bullion and investment coins. In the first case, it is profitable to purchase metal for long-term investments, but you will have to spend money on its storage. It can be sold in large volumes through specialized banking services. Small short-term investments can be provided by investment funds. However, over time they acquire collector's value.

In addition, there are other types of investments. For example, you can buy gold, platinum, or silver without physical delivery through impersonal metal accounts (MHI). It is also possible to purchase futures or shares of gold mining companies.

Gold is still a classic defensive asset with high liquidity, but its quotes are already at historical highs, Igor Rastorguev, an analyst at AMarkets, drew attention. Silver is characterized by higher volatility, but it has a pronounced industrial component: with the further growth of "green" energy, demand for it will remain. Platinum looks attractive against the background of a shortage of supply, he added.

For Russia, the rise in the price of gold as a whole is a positive factor, says Alexey Lossan from Compare. The country is one of the largest producers of precious metals, and high prices directly support export earnings and revenues of companies in the industry. In addition, it increases the value of gold and foreign exchange reserves and enhances its importance as an element of financial stability in conditions of limited access to some foreign capital markets.