The last 12 months have brought dynamic increases in the prices of precious metals. Gold, silver and copper reached record valuations.
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Gold, silver and copper. How much do they cost and how much have they gone up in price?
An ounce of gold now costs over $4,500. (equivalent to over PLN 16,000)and at the beginning of 2025 it was valued at approximately $2,600. This means a jump of over 70%.
Gold has never been worth so much. Moreover, this is the largest annual increase in valuations since 1979.
Silver is considered by many to be less valuable, which is confirmed by stock exchange quotations, but there is also a big difference here. Never before has an ounce of silver cost more than $78. (PLN 280). This represents approximately a 160 percent increase year over year. It is also the best result in over four decades.
A valuable metal from Poland's perspective is copper. It is the key asset of the state giant KGHM. At the end of the year, a tonne is valued at over PLN 12,000. hole. (PLN 43,000). The increase in quotations on an annual basis is close to 50%. represents the best result since the financial crisis.
Gold prices are climbing. What does this mean?
The increases in precious metal prices come at a time when investors are betting on further interest rate cuts in 2026. Lower rates reduce the attractiveness of bonds and deposits, which translates into growing interest in gold as a defensive asset.
“The more the US central bank relaxes policy, the weaker the dollar becomes. In such conditions, the attractiveness of hard assets such as gold increases” – comments Art Hogan, chief market strategist at B. Riley Wealth Management, quoted by the American Business Insider.
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He adds that the risk of premature interest rate cuts by the Fed, which could trigger an increase in inflation, further increases demand for precious metals. Geopolitical tensions also contribute to price increases, including: related to American policy towards Venezuela and the oil market.
Copper and silver – crucial for AI and modern technologies
Copper and silver are also benefiting from their growing role in the artificial intelligence sector, data centers and electrification processes. The limited supply of these metals further fuels price increases.
Analysts forecast that favorable conditions for the metals market will continue in 2026. Some Wall Street experts predict that the price of gold may rise to as much as PLN 5,000. hole. per ounce. Purchases by central banks remain a key factor and may continue to support price increases.
“The increase in precious metal prices is influenced by global geopolitical and political uncertainty, flexible monetary policy and limited real interest rates,” point out Ned Davis Research analysts, quoted by Business Insider. Silver, experts say, stands out as both a safe haven and a key raw material for solar energy, electric vehicles and digital infrastructure.
