What is the story about?
The year 2025 was not just about metals outperforming other asset classes—it was about record-breaking rallies across commodities. Themes such as renewable energy, trade tariffs, rare earths, financialisation, and policy actions by China and the US pushed metals to historic highs.
The year delivered extraordinary gains. Silver and platinum surged about 160%, gold rose nearly 70%, and copper gained around 43%, making 2025 one of the strongest years on record for the metals complex.
Gold led the headlines with repeated record highs. It touched new peaks 52 times during the year. Prices started 2025 near $2,650 an ounce, crossed $3,000 in March, $3,500 in September, and $4,000 by October, before climbing above $4,550 by December.
In India, prices were also boosted by rupee depreciation. Gold began the year at around
₹79,700 per 10 grams and climbed to nearly ₹1,40,000 per 10 grams. These were gold’s strongest annual gains since 1979, driven by US Federal Reserve rate cuts, heavy central bank buying, and record investment demand.
Silver outperformed even gold. Being a smaller and more volatile market, silver saw sharper moves. Prices started the year near $29 an ounce, rose to $45 by September, crossed $50 in October, and continued hitting record highs into December.
Indian silver prices saw heavy investor interest and a sharp premium, jumping from about
₹87,000 to ₹2,54,000 per kilogram during the year.
Also Read: Commodities clock best year in over a decade as gold, silver surge; experts say momentum may extend into 2026
Platinum was not far behind. It broke past its previous record of $2,380 an ounce to reach a new all-time high of $2,500 an ounce. The metal is set to end 2025 with its biggest annual gain, supported by a third consecutive year of supply deficit and strong demand from the automotive and investment sectors.
Copper, often called “Doctor Copper” for its ability to signal economic health, also hit record highs across the US, China, London, and India. Gains were driven by US tariff concerns, strong demand, slower output growth in major producing countries such as Chile, Peru and Indonesia, and rising consumption from sectors like artificial intelligence, electric vehicles and data centres. These factors are expected to keep copper well supported into 2026.
Also Read: Silver may hit $100 an ounce, gold could top $5,000 by 2026: IBJA’s Surendra Mehta
For more details, watch the accompanying video
Catch all the latest updates from the stock market here
The year delivered extraordinary gains. Silver and platinum surged about 160%, gold rose nearly 70%, and copper gained around 43%, making 2025 one of the strongest years on record for the metals complex.
Gold led the headlines with repeated record highs. It touched new peaks 52 times during the year. Prices started 2025 near $2,650 an ounce, crossed $3,000 in March, $3,500 in September, and $4,000 by October, before climbing above $4,550 by December.
In India, prices were also boosted by rupee depreciation. Gold began the year at around
Silver outperformed even gold. Being a smaller and more volatile market, silver saw sharper moves. Prices started the year near $29 an ounce, rose to $45 by September, crossed $50 in October, and continued hitting record highs into December.
Indian silver prices saw heavy investor interest and a sharp premium, jumping from about
Also Read: Commodities clock best year in over a decade as gold, silver surge; experts say momentum may extend into 2026
Platinum was not far behind. It broke past its previous record of $2,380 an ounce to reach a new all-time high of $2,500 an ounce. The metal is set to end 2025 with its biggest annual gain, supported by a third consecutive year of supply deficit and strong demand from the automotive and investment sectors.
Copper, often called “Doctor Copper” for its ability to signal economic health, also hit record highs across the US, China, London, and India. Gains were driven by US tariff concerns, strong demand, slower output growth in major producing countries such as Chile, Peru and Indonesia, and rising consumption from sectors like artificial intelligence, electric vehicles and data centres. These factors are expected to keep copper well supported into 2026.
Also Read: Silver may hit $100 an ounce, gold could top $5,000 by 2026: IBJA’s Surendra Mehta
For more details, watch the accompanying video
Catch all the latest updates from the stock market here
