Spot gold fell 0.4% to $4,512.30 per ounce as of 0426 GMT, after reaching a record $4,549.71 on Friday. February U.S. gold futures similarly declined 0.4% to $4,535.10 per ounce. Spot silver rose slightly by 0.7% to $79.68 per ounce after earlier hitting an all-time high of $83.62.
“Profit-taking and seemingly productive talks between President Trump and Ukrainian President Zelenskiy regarding a potential peace deal have temporarily weighed on gold and silver,” said Tim Waterer, Chief Market Analyst at KCM Trade. Trump stated on Sunday that discussions with Zelenskiy were “getting a lot closer, maybe very close” to an agreement to end the conflict in Ukraine.
Silver has been a standout performer this year, surging 181% year-to-date, outperforming gold. The metal has benefited from its status as a critical U.S. mineral, tight supply, and low inventories, alongside rising industrial and investment demand. Gold, meanwhile, has climbed 72% in 2025, driven by expectations of future U.S. rate cuts, persistent geopolitical tensions, strong central bank demand, and increasing holdings in exchange-traded funds.
Looking ahead, analysts remain bullish. “Gold could target $5,000 next year if the incoming Federal Reserve chairman adopts a more dovish stance,” Waterer said. “Meanwhile, silver, supported by ongoing industrial demand and supply constraints, could reach $100 in 2026.” Traders are also anticipating two potential U.S. rate cuts next year, awaiting the Fed’s December meeting minutes for further guidance. Low-interest rates typically favor non-yielding assets like gold and silver.
Other precious metals saw mixed moves: spot platinum dropped 1.5% to $2,421.35 per ounce after earlier reaching $2,478.50, while palladium fell 6% to $1,807.59 per ounce.