Gold and silver soared to new highs on Monday, while platinum headed towards its record high of $2,200 an ounce as the precious metals complex dazzled.
Even palladium has joined the rally as investors frantically looked at haven purchases on fears of two more rate cuts by the US Fed, traders said.
Gold topped $4,400 an ounce for the first time and was quoted at $4,420 at 1830 hours IST. Gold futures expiring in February ruled at $4,450.25 an ounce. In India, gold February futures on MCX ended the first session at ₹1,36.188 per 10 gm.
Silver ruled at $69.20 an ounce, while futures expiring in March were quoted at $69.18. On MCX, silver March futures ruled at ₹2,13,989 a kg.
Cutting $ exposure
Platinum skyrocketed over $2,100 an ounce to $2,111, its best in 18 years but short of the record high $2,200. In India, its prices are hovering over ₹6,000 an ounce. Palladium ruled at a 3-½-year high of $1,815 an ounce.
“Something really bad is happening. Central banks are buying gold as never seen before. They are reducing their exposure to the dollar… confidence in the dollar is collapsing,” wrote an analyst under the X (formerly Twitter) name @nolimitgains.
Financial Sense Wealth Management CIO Chris Puplava said he was bullish on gold and silver. The precious metals’ dazzling run will likely expand to other commodities in 2026.
With silver prices rising daily, the gold-silver ratio has dropped to 67, which means an ounce of the yellow metal can fetch 67 ounces of the white precious metal. Puplava said the ratio plunged to 33 in 2011 and was 40 in the 1990s.
Insolvent silver?
Mining executive David Jensen attributed silver’s rising streak to the white precious metal market turning “insolvent with extremely limited availability of physical silver for delivery”.
Silver has consistently gained every month since April.
“Techincals don’t matter now,” said The Kobeissi Letter, which comments on the global capital markets.
Gold has gained 68 per cent this year. In comparison, silver has increased by 138 per cent, platinum by 136 per cent and palladium by 104 per cent.
Investors are opting for haven buying in platinum and palladium as they are cheaper compared to gold.
Renisha Chainani, head of research at Augmont, said if there is one major learning from 2025 that should be applied to 2026, it is that, while uncertainty can take many forms, chronic worry surrounding tariffs, geopolitics, conflict, politics, government shutdowns, legislation, and so on,
“(It) has left investors feeling underexposed to gold. When combined with gold’s good price performance and lower correlations, we believe it is now more widely acknowledged as a strategic component of portfolios,” she said.
Chainani said gold was headed towards $4,500 an ounce and silver could top $70.
Published on December 22, 2025