Even before Christmas Eve, silver had increased this year by as much as 145%. and on the commodity market it was second only to platinum with a dynamics of 148%. However, this information is no longer current. Not only were new price records set, but also with high increases, which is not an ordinary phenomenon on the bullion market.
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On Friday, thanks an increase of almost 4%. the silver price set a new historical record of $75.48. per ounce. Exceeding the $75 threshold. it did not last long, because later there was a slight correction, but it does not seem that breaking new records completely disappeared from investors' minds.
This is great news for the Polish copper and silver producer KGHM. With Friday's increase, the silver price is already increasing by 156% this year. The reason is structural deficits. Silver has been considered a key mineral and there is high industrial demand, including: in the segment of photovoltaic panels and electric cars.
Platinum leader
However, silver is not the most sought-after precious metal in the world. This title belongs to platinum, which did not stop at the level of $2,400 broken on Christmas Eve. and climbs sharply. On Friday for a while the increase was as much as 8 percent. The new record is currently $2,475.85. per ounce. Counting together with Friday, platinum sees the highest weekly gain in its history.
Platinum and the also growing palladium are widely used in car catalytic converters. Their price increases rapidly due to limited supply, uncertainty brought by American customs duties, but also investment demand for gold.
“Platinum prices are supported by strong industrial demand and U.S. distributors are positioning on sanctions concerns, which is helping to keep prices high,” said Jigar Trivedi, senior research analyst at Mumbai-based Reliance Securities.
Gold prices are breaking records
The record was also broken by gold, although the increases here are not so spectacular, because the precious metal is gaining “only” 0.4%, which, together with the previous increases, gives an impressive dynamics this year of +72%. This strengthens the Polish currency, because the National Bank of Poland has filled its treasury with gold. The new record for gold is $4,561.40.
— Since the beginning of December, the increases in gold and silver prices have been driven by impulse and speculative players. Low liquidity at the end of the year, expectations for longer U.S. interest rate cuts, a weaker dollar and rising geopolitical risks helped push precious metal prices to new record highs, Kelvin Wong, senior market analyst at OANDA, told Reuters.
Read also: The price of gold has never been higher. The forecasts go much further
— Looking at the first half of 2026, we can expect increase in the price of gold to USD 5,000 and silver to approximately USD 90. – he added.
Gold has recorded a strong increase this year, recording the largest annual profit since 1979, driven by the easing of the Federal Reserve's monetary policy, geopolitical uncertainty, high demand from central banks, growing holdings of ETFs and ongoing de-dollarization, i.e. the reduction of the reserve position in the dollar by many countries at the expense of, among others, gold.
With investors pricing in two US interest rate cuts next year, non-yielding assets such as gold are likely to remain solidly supported in a low interest rate environment.
On the geopolitical front, the United States is focusing on imposing a “quarantine” on Venezuelan crude oil for the next two months. On Thursday, they attacked Islamic State militants in northwestern Nigeria for attacks on local Christian communities.
