Gold and Silver in 2025: Multiple Record Highs Amid Trade Wars, Global Uncertainty, and Green Tech and AI Boom

Solomon Global reviews a landmark year for precious metals and outlines expectations for the months ahead

LONDON, Dec. 18, 2025 /PRNewswire/ -- Silver has stepped into the spotlight in 2025, recording a 128% year-to-date rise versus gold's 66% increase.^[1]

Against a backdrop of Trump trade tariffs, geopolitical tension, and global economic uncertainty, gold and silver (and copper) have recorded multiple all-time highs in 2025 as retail, industrial, and institutional demand have soared. Solomon Global, a company specialising in the secure delivery of physical gold and silver bars and coins for private ownership, has seen retail investor interest in precious metals firsthand, with sales increasing 122% year-on-year (October 2025 versus October 2024).

2025 Gold in Numbers^[2]

• Up 66% year to date
• $1,723.03/oz increase year to date
• 50+ all-time highs (USD) recorded during the year^[3] versus 39 in 2024
• $3,000/oz first breached: 14th March 2025
• $3,500/oz breached: 2nd September 2025
• $4,000/oz breached: 8th October 2025
• $4,381.65/oz intraday peak reached: 20th October 2025 

2025 Silver in Numbers

• Up 128% year to date
• $37.31/oz increase year to date
• Seven-plus all-time highs (USD) recorded during the year
• $50/oz first breached: 9th October 2025
• 33% gain since the $50 breakout
• $66.894/oz intraday peak reached: 17th December 2025 
• Fifth consecutive year of structural market deficit

Here, Solomon Global highlights the key factors behind the gold and silver rallies and looks ahead to their prospects in 2026.

Central Banks Continue Gold-Buying Spree 

Like last year, many global central banks increased their gold holdings. According to the World Gold Council, central banks purchased 220 tonnes of gold in the third quarter of 2025 alone, a 28% increase on Q2. This momentum continued into the final quarter, with net purchases of 53 tonnes in October - the largest monthly net demand year-to-date.^[4] Brazil returned to the gold market in 2025, buying the asset for the first time since 2021, reinforcing the broader trend of diversification away from dollar-denominated assets. Central bank gold reserves are expected to increase in the year ahead.

Unlike gold, which is largely influenced by institutional demand and central bank policy, silver has traditionally been retail and industry driven. However, this year has seen a shift with several nations, notably Russia, India and Saudi Arabia, making substantial silver purchases.

Geopolitical Tensions Fuel Demand; Additional Conflict on the Horizon? 

2025 has seen an escalation in the Ukraine–Russia war and ongoing tensions in the Middle East. While there is currently a pause in the latter conflict, the peace resulting from Trump's Gaza plan remains fragile. Looking further ahead, veteran market commentator Clem Chambers has pointed to the 'pencilled-in' 2027 date for a potential Chinese move on Taiwan as a possible next flashpoint for renewed geopolitical instability.

Gold demand is typically heavily influenced by rising geopolitical risk, as investors and central banks alike seek stability. Silver, while historically less directly affected, is attracting an increasing amount of safe-haven interest.

Retail Demand for Gold and Silver

Retail interest in precious metals continued to strengthen in 2025, with gold and silver attracting investors for both similar and distinct reasons. Gold remains the metal of choice for institutions and for long-term wealth preservation, and is valued for its role as a defensive, tax-efficient store of value. Silver, which is far more retail-focused in any case, has captured more individual investors who have been priced out of gold and are drawn to the metal's dual role as both an industrial metal and store of value. While it doesn't match gold's safe-haven status, silver offers a degree of defensive protection as well as potential for greater upside.

Economic Uncertainty

Ongoing global economic uncertainty continues to drive investors toward precious metals. Persistent inflation, high debt levels, and slowing growth have been a boost for both gold and silver as safe-haven assets, supported further by three U.S. interest rate cuts this year, and hints of more to come under likely Fed successor Kevin Hasset, with silver gaining extra momentum from its industrial applications. Solomon Global contributing analyst, Nick Cawley, says that financial markets are currently pricing in two 25 basis point cuts in H1 2026. However, any further weakness in the jobs market or a downturn in inflation could see additional rate cuts in the second half of the year. The U.S. dollar has lost approximately 10% of its purchasing power against a basket of other G7 currencies since the start of the year.

Silver's Industrial Demand and Structural Deficit

More than 50–60% of all silver demand now comes from industry, including electronics, solar technology, electric vehicles, data centre industries and medical applications. The AI boom and green technologies are major new drivers of this industrial demand, and the metal has even been designated as a U.S. critical mineral. 

The market continues to see supply deficits (this is the fifth consecutive year of a structural deficit) 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.

Inventory levels have continued to fall sharply. London vault holdings declined from approximately 31,000 tonnes in 2022 to around 22,000 tonnes by March 2025, and by October this year, available inventories were approaching historic lows.

Gold and Silver in 2026

With inflation proving stubborn, global debt at historic highs, central banks continuing to add to gold reserves and geopolitical tensions remaining elevated, the case for precious metals remains firmly intact. Gold continues to benefit from these long-term tailwinds; silver is also supported by persistent supply constraints, rising industrial demand and its re-emergence as a credible safe-haven asset.

"2025 has seen exceptional rallies for gold and silver and has reset expectations regarding the precious metals market," said Paul Williams, Managing Director of Solomon Global. "These price moves have been driven by fundamental forces rather than speculation, and under current conditions, we see gold continuing to trend higher, with the potential to reach $5,000 an ounce by the end of 2026 (in line with, or below, forecasts from J.P. Morgan, Bank of America, HSBC, Deutsche Bank and BNP Paribas). Silver is underpinned by supply and demand imbalances. Despite gold's phenomenal year, silver has outperformed and is the fast-moving metal of the pair; a $100 silver price by the end of 2026 is certainly within the realm of possibility if current dynamics persist."

For more information about Solomon Global's products and services, visit the website at https://solomon-global.com.

NOTES TO EDITORS

About Solomon Global

Solomon Global specialises in the secure delivery of physical gold and silver in bar and coin form for private ownership. The company takes a uniquely consultative approach to purchasing and selling physical gold and silver, regardless of the investment amount. Its simple and tailored strategy is designed to work with beginners and experienced investors alike.

Solomon Global's team of experienced gold and silver consultants are always available to discuss the practical solutions and tax advantages for clients purchasing gold and silver bullion in the UK and assist with any inquiries.

Solomon Global was awarded 'Best Alternative Asset Provider 2025' and 'Most Trusted UK Bullion Supplier 2025' at the London Investor Show Awards 2025, 'Best UK Gold Bullion Dealer' at the ADVFN International Financial Awards 2025, and 'Most Trusted UK Gold Bullion Supplier 2024' at The London Investor Show Awards 2024.

For any questions about buying or selling gold and silver, contact the team here: https://solomon-global.com/contact/ 

For further press information, please contact: Francesca De Franco on 0794 125 3135 or email [email protected]^[5]

^[1] Based on spot price data taken from www.ADVFN.com
^[2] Gold is up 66% and silver is up 128% based on spot prices as of 17^th December, 2025
^[3] Source: https://www.gold.org/goldhub/research/gold-outlook-2026
^[4] https://www.gold.org/goldhub/gold-focus/2025/12/central-bank-gold-statistics-central-banks-ramp-gold-buying-october
^[5] Disclaimer: This press release is for informational purposes only and does not constitute financial advice. Buying physical gold and silver as an investment involves risk, as the value of precious metal prices can be volatile. Historical financial performance does not necessarily give a guide of future financial performance. We recommend that you conduct your own independent research and seek professional tax, legal and financial advice before making any investment decisions.

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SOURCE Solomon Global