Gold starts 2026 higher after 60% surge last year; silver, platinum follow
Gold prices jumped in Asian trading on Friday, the first trading session of 2026, after ending last year with historic gains, as a weaker U.S. dollar and expectations of lower interest rates revived demand for bullion.
Spot gold was last up 1.6% at $4,378.55 an ounce by 00:18 ET (05:18 GMT). U.S. Gold Futures rose 1.2% to $4,392.40/oz.
Gold prices rose after slipping from record highs in the final week of 2025, with renewed buying emerging as markets reopened following year-end holidays.
The U.S. dollar eased on Friday, extending weakness seen late last year, which made gold cheaper for investors holding other currencies and provided fresh near-term support.
Fed rate cuts boosted gold in 2025
Gold surged more than 60% in 2025, marking its strongest annual performance in decades. The rally was driven primarily by a shift in U.S. monetary policy, with the Federal Reserve delivering multiple interest rate cuts during the year and markets betting on further easing in 2026.
Lower interest rates reduced the opportunity cost of holding non-yielding assets such as gold, encouraging investors to increase exposure to bullion.
Geopolitical tensions also played a major role in supporting prices. Ongoing conflicts in Eastern Europe and the Middle East sustained safe-haven demand throughout the year, while broader concerns over global political stability and economic growth added to gold’s appeal.
In addition, central banks continued to buy gold at a robust pace, particularly in emerging markets, as part of efforts to diversify reserves and reduce reliance on the U.S. dollar.
Although gold pulled back slightly from record highs toward the end of last year, analysts said the underlying drivers of the rally remain intact at the start of 2026.
Silver, platinum upbeat after stellar rally
Other precious metals showed similar trends.
Silver prices rose 3% to $73.30/oz on Friday after posting strong gains in 2025, supported by a mix of safe-haven demand and robust industrial consumption tied to renewable energy, electronics, and data centres.
Platinum gained 2.5% to $2,102.3/oz.
Silver surged nearly 150% last year, while platinum skyrocketed 110%.
Benchmark Copper Futures on the London Metal Exchange rose 0.7% to $12,549.20 a ton, while U.S. Copper Futures gained 0.6% to $5.74 a pound.
Source: Investing.com
