Market Updates

Platinum emerged as one of the standout performers in the precious metals complex in 2025, returning more than 110% in local terms across the year, and breaking decisively above a decade-long trading range.  

This powerful breakout saw prices push to record highs, above AUD $3,650 per troy ounce (oz), signalling a major shift in market dynamics.  

Gold has reinforced its position as a cornerstone asset for investors, delivering exceptional performance over the past year. 

In 2025, gold surged more than 50% in local terms, breaking through all-time highs above AUD $6,000 per ounce and capping off a multi-decade run of outperformance in comparison to equities and property. 

Silver asserted itself as the standout performer within the precious metals complex throughout 2025, generating returns in USD terms of almost 150% and outperforming gold substantially throughout the same period.  

Precious metals markets experienced a consolidation during April 2026, following an extended period of outsized gains that carried through to January—followed by the sharp pullback seen in March.

Gold underperformed, falling 1.5% to USD $4,965 per troy ounce (oz) by month-end. However, it has since gained a further 2%, pushing toward USD $4,700oz.

Silver followed a similar pattern over the course of April, declining 1% to USD $74oz. The metal has since rallied more than 15%, with spot silver surpassing $86oz at the time of writing.

This period of price consolidation is unsurprising given the current macro headwinds at play, with certain technical indicators suggesting both metals are experiencing a textbook correction.

Precious metal markets surged overnight, with gold rallying back toward AUD $6,500 per troy ounce (oz), while silver has pushed back above AUD $105oz.

The sharp move higher happened against a backdrop of surging risk assets, with the S&P 500 also rallying, now up 11% in the last month. Gold was due to bounce, with this move higher supported by an apparent cessation of hostilities in the Middle East boosting almost all markets—with the obvious exception of oil, which fell more than 6% overnight.

The current state of the precious metal market is a topic we discussed at length earlier this week with John Reade, Senior Market Strategist at the World Gold Council. John visited our Global Flagship in Sydney to speak to a range of institutional investors and clients, alongside my colleague Nicholas Frappell, Global Head Institutional Markets at our sister company ABC Refinery.

The recent World Gold Council Gold Demand Trends: Q1 2026 report offers a comprehensive insight into current drivers of the gold market, serving as a valuable resource for precious metals investors.

The report highlights key demand trends and the near-term outlook for gold across investment, jewellery, central bank, ETF and technology demand sources.

A clear structural shift in gold markets is increasingly evident, with investment demand continuing to outpace traditional fabrication or jewellery demand segments. This illustrates gold’s growing popularity for both individual and institutional investors in the post-COVID era.

Precious metals markets have entered a period of consolidation since the beginning of April, with gold prices stabilising after a period of heightened volatility now trading within a well-defined range.

While macroeconomic and geopolitical uncertainty remains elevated, the absence of a clear directional driver has left bullion largely range bound. The constant flip flopping between the United States and Iran as it relates to the Strait of Hormuz, has created a fatigue in investment markets, which are now arguably underestimating event risk.

Gold has continued to oscillate between USD $4,600 and USD $4,900 per troy ounce (oz) over recent weeks, currently holding near the mid-point of this range at USD $4,729oz.

Silver has similarly tracked sideways, trading at USD $77.6oz at the time of writing, though continues to exhibit higher volatility relative to gold as one would expect.

Both gold and silver have shed 11% and 13% respectively since the conflict in the Middle East began.

Precious metal market volatility has continued this week, as the market looks for definitive direction—with macroeconomic forces, safe-haven dynamics and central bank buying all influencing price action.

Gold has traded in a wide range since the escalation of the U.S.-Iran conflict in late February, peaking above USD $5,400 per troy ounce (oz) before retracing sharply to USD $4,100oz three weeks later.

Precious metals markets experienced a sharp correction during March, following an extended period of outsized gains that carried through to January 2026. Gold came under significant pressure, falling to an intramonth low of USD $4,097 per troy ounce (oz) before staging a recovery to close at USD $4,695oz, marking its worst monthly performance since October 2008, during the Global Financial Crisis.

The rebound in gold that we have seen this week has come as no surprise to long-term precious metal market observers, having followed a sharp sell-off into last Monday the 23^rd March.

At the time, spot gold hit a cycle correction low just under USD $4,100 per troy ounce (oz) before rebounding to a current price at the time of writing of USD $4,757oz, representing a gain of 16% in just over a week.

Precious metals have pulled back significantly since the war in Iran began, with gold and silver down 15% and 18% respectively in USD terms.

The last week saw some of the sharpest price drops, with gold in particular marking its largest weekly sell off since 1983.

Prices began the week trading just over USD $5,000oz, before falling to a low of USD $4,097oz. That equates to a total drop of USD $915oz, or 18%. Prices for both gold and silver have recovered swifty following the March 23^rd lows, with gold trading up around USD $4,518oz while silver is close to USD $71oz.

Precious metals markets sold off aggressively overnight as surging oil prices and a broader sell-off in risk assets had short-term speculators cashing out of their gold positions.

The continued pullback in gold is not unexpected given prior overbought conditions, even though the structural demand for bullion will only be strengthened by the higher inflation numbers that we are almost certain to see amid the conflict in Iran and surging oil prices.

Precious metals markets remain volatile as investors navigate an increasingly complex geopolitical and macroeconomic landscape. Prices have eased this week, with gold at the time of writing trading just below USD $5,200 per troy ounce (oz) while silver has fallen below $86oz, driven by an almost 3% correction overnight.

Precious metals markets entered March on a volatile footing after an impressive rebound post January’s sharp sell off. Gold extended its powerful rally, climbing above USD $5,400 per troy ounce (oz) on safe-haven demand amid escalating geopolitical tensions in the Middle East, before cooling after profit-taking and a stronger US dollar put downward pressure on prices. Silver followed a similar pattern, showing signs of extreme volatility, briefly trading above USD $95oz before retracing.

Gold and silver prices reached new monthly highs earlier this week and, at the time of writing, are trading near USD $5,180 and USD $89 per troy ounce (oz) respectively.

The recent move marks a strong recovery from the pullback experienced in late January, with gold rebounding 11% and silver outperforming with gains of 12.6% over the same period. This outperformance has driven the gold-to-silver ratio lower, now sitting around 58.

Precious Metals Performance

Precious metals markets have entered a new phase in early 2026, characterised by heightened volatility and rapid shifts in investor positioning. Following a parabolic surge to record highs to start 2026, markets experienced a sharp deleveraging event, largely driven by a washout of speculative excess rather than a deterioration in underlying fundamentals.

Volatility has remained elevated within precious metals markets this week, following gold's greatest daily decline (-12%) since the early 1980s and silver's largest intraday decline (-36%) on record on the 30^th of January, an event which erased approximately USD $7 trillion from global commodity markets.

At the time of writing, gold has staged a meaningful recovery, rebounding 8% following its long overdue—and arguably, inevitable—correction. The metal has since entered a period of consolidation, though prices continue to trade in a wide range, with daily swings of several hundred US dollars not uncommon.

Precious metals extended their historic bull run into January, reaching all-time highs before experiencing sharp late-month volatility. Gold surged to an intramonth record of USD $5,596 per troy ounce (oz) before ending January at $4,865oz, still posting a robust 12.8% gain. Silver outperformed, rising 18.8% to USD $84.7oz after briefly trading as high as USD $121oz.

The first four weeks of 2026 have seen the precious metals complex continue its historic bull run. Gold surged past the USD $5,000 per troy ounce (oz) milestone for the first time ever earlier this week, extending a multi-year climb driven by risk aversion, central bank accumulation and geopolitical uncertainty.

Precious metals continued their monumental rally over the past week, with gold breaking successive all-time highs, nearing USD $4950 per troy ounce (oz), with silver pushing toward new records near US$97oz amid heightened safe-haven demand.

Precious metals have delivered an exceptional start to the year, with gold briefly trading above USD $4,620 per troy ounce (oz) and silver breaking the $93oz level.

Silver’s year to date gain has been particularly remarkable, having returned 30% thus far, making fresh highs alongside gold’s momentous rally. Platinum and palladium have also advanced considerably, underscoring broader strength across precious metals and the commodities complex as a whole.

Precious metals posted fresh highs to close out 2025, continuing the bullish momentum seen throughout most of the year.Gold advanced toward USD $4,315oz while silver outperformed, finishing the year at $71oz.

Precious metal investors have done exceptionally well in 2025—with gold, silver and platinum enjoying one of the strongest calendar years on record.

Since the start of year we have seen all three metals surge, led by silver which has risen by more than 125%, while platinum has risen by 117% and gold is up by almost 65% in USD terms.

Silver prices have rallied to new highs this week, with the precious metal powering above the USD $63oz price point for the first time in history.

Investors are responding to the price surge, with ABC Bullion seeing huge demand for silver in all forms, from Pool allocated bullion to 1oz Silver Coins, and our new 1kg Eureka Minted Silver Bar which has proved extremely popular since its launch.