Fritsch noted that gold’s price action since the war started has been counterintuitive to fundamental market beliefs. The precious metal, traditionally seen as an inflation hedge, has fallen even as the global energy crisis pushes consumer prices higher. At the same time, despite the chaos in the Middle East, gold has been unable to attract a safe-haven bid.
However, Fritsch explained that the ...

“Precious metals have been the leader, with gold up 92% and silver more than doubling (+152%) since the start of 2025,” Moglia said. “Gold has been supported by persistent central bank purchases which accelerated starting in 2022 following the sanction of Russian foreign exchange reserves. However, 2025 marked an inflection point in the precious metals rally, as speculative momentum flows surged ...

After a strong start to the year, Platinum Group Metals (PGMs) have been stuck in a range for the last few months, but according to one research firm, prices across the entire sector are still expected to end the year with solid gains, led by Platinum.