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Gold, Silver, and Platinum Take a Breath After Record-Breaking Rally
Gold prices dipped slightly on Wednesday, December 24, 2025, taking a breather after breaking above $4,500 an ounce earlier in the session, while silver and platinum pared some of their gains following a record-breaking rally.
Spot gold fell 0.2% to $4,479.38 an ounce, after hitting a record high of $4,525.18 earlier.
U.S. gold futures for February delivery fell 0.1% to $4,502.80.
Jim Wyckoff, senior analyst at Kitco Metals, said the gold market was experiencing some profit-taking and technical consolidation after the record highs, adding that gold typically performs well in a low interest rate environment and thrives during periods of uncertainty.
Eakov adds: "The next upside target for gold is $4,600 per ounce and for silver $75 per ounce by year-end, and technical indicators remain positive."
On the political front, US President Donald Trump said on Tuesday that he wants the next Federal Reserve chair to cut interest rates if markets are performing well. The US central bank has cut rates three times this year, and traders expect two more cuts next year.
Metal Performance
Silver hit a record high of $72.70 and was last up 0.7% at $71.94 per ounce.
Silver prices have surged 149% since the start of the year, outperforming gold, which has gained more than 70% over the same period.
Platinum peaked at $2,377.50 before paring gains to fall 2.4% to $2,220.44.
Palladium fell more than 9% to $1,683.58 an ounce after hitting a three-year high.
Platinum and palladium, primarily used in catalytic converters for automobiles to reduce emissions, have risen by about 145% and 85% respectively since the beginning of the year, driven by tight mine supplies, uncertainty over tariffs, and some investors shifting from gold to these metals.
