Buoyed by a series of factors—including interest rate cuts by the Federal Reserve, geopolitical tensions, strong central bank buying, and inflows into ETFs—precious metals delivered a remarkable performance in 2025, with gold prices surging approximately 64% to mark their largest annual gain since 1979.Spot silver rose 147% for the year, marking its best annual performance on record. Spot platinum rose more than 128% for the year, also the strongest annual performance on record. Spot palladium rose more than 77% for the year.