Hello and welcome to our market week preview, where we take a look at the economic data, market news, and headlines likely to have the biggest impact on pricing and market momentum for gold, silver and platinum, as well as key correlated assets.

Gold Market Update
Gold prices are kicking off the holiday weeks with another rip higher, as the most actively traded futures contract and spot prices have moved well beyond $4400/oz on Monday morning. Looking at 2025 as a whole, the yellow metal is up over +65% on the year and poised for it’s largest annual gain in more than 40 years. The months-long rally has been primarily driven by investors and mangers positioning for looser monetary policy via lower global interest rates that benefit the non-yielding investments, general geopolitical fears around and inflammatory trade war unilaterally run by the US administration and wars in Ukraine and the Middle East now dragging on for multiple years, and a more focused worry about the stability of the US economy and its currency in the face of the Executive’s trade policies. With the final FOMC decision of 2025 having come and gone in December with some strong messaging that the Federal Reserve is not immediately eager to continue lowering rates immediately next year, we might have expected that particular tail wind for gold to roll back but as the market consensus still calls for at least 2 more cuts in 2026 (in spite of the FOMC’s anonymous projection pointing to just 1,) monetary policy expectations a clearly still playing some part in gold’s trajectory. Another factor that may be influencing the pace of gains for gold (and any commodity) this week: sparsely attended markets and low liquidity. This is of course a double-edged sword that could lead to volatility in the downward direction just as much as it may be contributing to this morning’s surge.

Silver Market Update
Silver has kept the pace with it’s gaudier cousin. Spot prices briefly crested a new all-time high during the later hours of the European session, ticking bids as high as $69.45/oz—a +3.2% premium to last week’s close. Even settling a bit lower as New York markets have opened, Silver is consolidating a new position above $68.50. Silver’s rise this year has been similarly linked to lower future yields and geopolitical risk. And silver has had an even more direct link to the Trump trade wars dominating the year nearly out, as the metal not only serves as an inflation/uncertainty like gold, but having many crucial industrial uses has made silver all the more sensitive to concerns about punitive tariffs around the globe putting the breaks on expansion of manufacturing. Silver has also faced greater worries about demand outstripping supply in the year(s) ahead which further place a premium on futures contract prices.

Platinum Market Update
Platinum completes the triplet. In Monday’s trading the grey metal’s spot prices have punched through $2000/oz with little resistance and are beginning to consolidate support above $2050; futures contracts are approaching the records set in 2008. Like the other precious metals, buying the platinum market is being supported on both the basis of physical metal as a protective investment vs. instability as well as the expectation that precious metals will increase in value in a lower interest rate environment. Like silver, platinum is also sensitive to supply chain concerns and possible contractions in the manufacturing sector given its industrial uses. Unique to its cousins and other commodities, the current upward momentum we’re seeing in platinum didn’t really stand out until much later in 2025. So we will keep some additional interest in the grey metals’ movement between here and the first few weeks of January as this dynamic could either indicated that platinum has more room than gold or silver to run higher with the right inputs, or else its support may be more tenuous in the face of a potential sell-off. US Economic Data to Watch

• US GDP Growth (Q3) (2nd est.) // Tuesday, December 23 at 830am ET
•   [consensus est.: +3.2% QoQ // prev.: +3.8%]

And that’s how the precious metals basket is performing to begin the week. As always, we wish you all the best of luck in your markets in the coming days, and we’ll look forward to seeing you all back here next week for another metals market preview.