Since September 2025, the gold and silver markets have experienced exceptional volatility, marked by historic highs and spectacular price movements. Against a backdrop of global economic uncertainty, marked by persistent geopolitical tensions and expectations of interest rate cuts by major central banks, particularly the Federal Reserve (Fed), these two precious metals have attracted the attention of investors as rarely before.

An explosive market environment

Despite a pullback linked to profit-taking by investors during the last week of 2025, gold and silver ended the year at record levels, posting annual gains of nearly 70% for gold and more than 160% for silver. This surge can be explained by several structural factors: the massive accumulation of gold by central banks (more than 1,000 tonnes purchased in 2025), rising public debt, geopolitical tensions and expectations that the Fed would continue its policy of lowering interest rates. In January 2026, the price of gold continued to rise, climbing nearly 7% in one month, driven by the fall in the dollar and expectations of monetary easing in the United States. For 2026, the outlook remains bullish, but more mixed.

Key factors driving volatility

The decisions of the Fed and the ECB played a central role. The Fed's announcement of monetary easing in December 2025 and the ECB's cautious stance boosted prices. Lower interest rates, which make Treasury bonds less attractive, and the erosion of the dollar are driving investors towards gold, a tangible, safe and long-term asset.

In geopolitics, international tensions (Ukraine, the Middle East, Venezuela, China/US relations) have reinforced the appeal of gold and silver as safe-haven assets.

From an industrial perspective, growing demand for silver (the metal), in particular, to meet the needs of green technologies and electronics, is driving up its price.

The gold and silver markets remain buoyant in 2026, but with high volatility. For households and businesses, these metals offer opportunities for diversification, but require increased vigilance and support to navigate such a volatile environment. In this context, Finankap's wealth management advisers recommend diversified allocations, integrated into wealth management strategies, to take advantage of opportunities while controlling this volatility. Contact us!

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