In 2025, precious metals such as gold and silver became some of the main beneficiaries of turbulence in global markets. For example, gold updated historical highs and added more than 60% over the year, rising above the $4,000 per ounce mark. And silver generally turned into a "star": its growth approached 100% year-on-year, and prices in December remained around $63 per ounce. UNN investigated what is behind such a jump, and whether it is too late to invest in precious metals in 2026?
Gold 2025: "perfect storm" in favor of safe-haven assets
According to global industry analytics, 2025 was almost a "perfect storm" for gold. This precious metal received strong support from a combination of several factors: a weakening dollar, expectations of Fed rate cuts (interest rates set by the US Federal Reserve), new geopolitical risks, and unprecedented demand from central banks and institutional investors.
At the end of the year, the spot price of gold fluctuates at around $4,300 per ounce, which is more than 60% higher than a year ago.
Gold in 2025 is not just a "safe haven," but the market's response to distrust of government debts and fiat currencies. When investors see the US national debt increasing and geopolitical risks growing, gold becomes a kind of insurance against systemic shocks.
According to her, among the key reasons for the jump in gold prices are the softened expectations of financial market players regarding Fed rates. They are factoring in further reductions in real interest rates in the US and other developed economies, which makes assets like gold relatively more attractive.
The devaluation of the dollar, according to Olena Sosedka, also supports gold quotes, as it makes it cheaper for investors from other countries. In particular, central banks of many countries, including developing ones, continue to actively increase gold reserves as a way to diversify away from the American currency.
Additional stimulus is also provided by geopolitical risks and wars. Protracted conflicts, including Russia's war against Ukraine, increase the demand for "hard" assets, added Olena Sosedka.
For Ukrainians, the war factor is felt especially acutely. Gold has become not only an investment, but also a tool to protect against national currency devaluation and banking risks. But it is important to remember: even gold does not grow in a straight line.
Silver – an industrial metal that behaves like a hyped asset
If gold in 2025 showed "classic" safe-haven behavior, silver staged a real price surge. According to market estimates, the metal added about 95% year-on-year and broke the record not only for gold, but also for the well-known S&P 500 stock index, which includes five hundred largest US companies and is an indicator of the state of the American stock market and the economy as a whole.
Current silver quotes are holding slightly above $63 per ounce.
The success of silver lies in the combination of investment demand and industrial history.
The fintech expert explained that the silver market has been living in conditions of supply deficit for several years in a row, when demand exceeds mining and processing. This is also superimposed on the fact that silver is widely used in manufacturing, particularly in solar panels, electric vehicles, and electronics. Therefore, the boom in renewable energy and the popularity of electric vehicles further increases the demand for this metal.
In addition, against the backdrop of active growth in the value of gold, some investors began to look for a "catching up" asset among cheaper metals, and silver perfectly filled this niche.
Silver in 2025 behaved like a risky asset. Structural deficit and the "green" transformation of the economy provided a long-term growth story, and speculators only added volatility.
She added that for private investors, this means one thing: the growth potential for silver is likely still there, but its fluctuations will be significantly stronger than gold's, and one must be psychologically and financially prepared for this.
What will happen to gold in 2026?
Forecasts for the price of gold in 2026 are quite ambiguous. Some large investment banks believe that this metal has the potential to reach $4,500 per ounce due to a weakened dollar, high debt burden in developed countries, and continued geopolitical instability.
But, for example, the World Gold Council notes that if the scenario of "inflation's return" with a tighter Fed policy materializes next year, gold could correct by 5-20% from its current level and fall in price to $3,360-3,990 per ounce.
The gold market is currently balancing between historically high prices and still powerful fundamental factors. I would not talk about a bubble, but about a very expensive, but structurally supported asset. In 2026, we are likely to face periodic deeper corrections compared to this year.
The fintech expert predicts that gold will maintain its increased value, but its growth rate will slow down. At the same time, corrections of 10-15% during the year will become the norm for this metal.
What will happen to silver in 2026?
Major players in the financial market predict that silver, after frantic activity in 2025, may enter a phase of so-called consolidation, and its price will be held in a fairly wide range of $50-65 per ounce with potential attempts to update highs amid new waves of demand.
According to Olena Sosedka, the structural deficit associated with industrial consumption of silver will not disappear next year, but some speculative demand may leave the market after such a rapid growth of the metal. This will mean increased volatility of silver next year.
In 2026, silver will likely remain more "nervous" than gold. For a conservative investor, it is rather an additional spice to the portfolio, not the main dish.
Olena Sosedka advises looking at gold and silver not as a short-term speculative instrument, but as an element of a long-term strategy for protecting one's capital.
For Ukrainians living in war, currency restrictions, and chronic inflation, gold is not about "earning another +50% per year on your capital," but about preserving purchasing power in 5-10 years. If you enter this, then corrections in the metal's value of 10-20% do not look like a catastrophe.
At the same time, she added that she would not advise Ukrainians to rush and buy gold or silver with all their savings, but it is still worth keeping some part of their capital in precious metals to insure against risks.