Gold & Silver to Print New All-Time Highs in Months Ahead

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Silver has just posted a fresh all-time high, and gold is within touching distance of printing a new record.

Bullion.Directory precious metals analysis 17 December, 2025
By Nick Cawley
Contributing analyst at Solomon Global

With little seen to disrupt this trend, either fundamentally or technically, gold and silver are set for further gains next year.

Gold and silver have experienced strong rallies throughout 2025, with gold surging over 65% year-to-date, while silver has risen by around 130%. Both metals remain in strong technical uptrends, aided by a bullish fundamental backdrop.

Gold Daily Price Chart

Silver Daily Price Chart

These rallies have been driven by a range of bullish impulses, many of which will persist over the coming months. The Federal Reserve’s accommodative monetary policy stance has provided both metals with a strong tailwind, and with a new Fed chair set to be announced in January next year, further US rate cuts are expected.

The two leading candidates favoured by President Trump for the role, Kevin Hassett and Kevin Warsh, are both expected to push for further rate cuts in 2026, easing monetary conditions further.

Financial markets are currently pricing in two 25 basis point cuts in H1 2026, although any further weakness in the jobs market or a downturn in inflation could well see additional rate cuts in the second half of the year.

Gold continues to benefit from strong central bank purchases, robust ETF inflows, and a shift by investors away from sovereign bonds and currencies, especially the US dollar. The greenback has lost approximately 10% of its purchasing power against a basket of other G7 currencies since the start of the year, and with further US rate cuts expected, alongside potential rate hikes by the EU and Japan, the US Dollar Index is set to fall further.

US Dollar Index Daily Chart

Central banks continue to add to their gold holdings, according to the latest World Gold Council data, with ‘robust demand’ of a net 53t seen in October, a 36% m/m increase and the largest monthly net demand year-to-date. Central bank gold reserves are expected to increase in the year ahead, underpinning demand for the precious metal.

Silver’s outlook remains strong based on several fundamental factors. This year’s rally reflects tightening physical inventories, sustained industrial demand, and the metal’s designation as a US critical mineral. Demand has been particularly robust from the solar energy, electric vehicle, and data centre industries.

The market continues to see supply deficits as production capacity struggles to match growing industrial consumption. This is unlikely to change in the coming months and will underpin the price of silver.

While both silver and gold may see heightened volatility in the months ahead as spot prices trade in uncharted territory, both the fundamental and technical backdrop for the pair remains positive.

All things being equal, the rally in gold and silver is far from over.

This article was originally published here

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