At the end of the year, all precious metals, including gold, silver, platinum, and palladium, showed an impressive rally. Gold rose by 65% for the year, marking its biggest increase since 1979. Silver jumped by 150%, while platinum and palladium surged by over 100%. This growth was driven by the easing of US monetary policy, a weakening dollar, geopolitical tensions, and active purchases by central banks. China began converting part of its dollar reserves into gold to reduce its dependence on the US economy. Demand also increased due to industrial applications and investor interest. However, against this backdrop of record highs, a sharp pullback occurred at year-end as investors took profits. The price of gold fell from its all-time high of $4,549.71 to $4,340.52 per ounce. Platinum and palladium also saw significant declines. Despite the short-term correction, analysts anticipate further price growth, with the next target for gold being the $4,600 per ounce mark by year-end. Platinum and palladium are widely used in automotive catalytic converters to reduce emissions. In jewelry, both metals are hypoallergenic, durable, and have a natural white color, making them popular choices for wedding rings.
