Gold, Silver Rebound After Sharp Sell-Off

Gold and silver prices rebounded this week, fueling optimism that the precious metals’ historic rally may still have room to run.

The push by countries to secure metal resources began with gold, with central banks buying lifting prices 68% year to date following last year’s 27% gain

Gold futures rose by less than 1% to around $4,362 per ounce, while silver futures jumped 8% after posting their biggest daily drop since 2021. Both metals are on pace to record their largest annual gains since 1979, Ines Ferré reported for Yahoo Finance.

Meanwhile, platinum and copper have also been trading near record territory amid a global AI race and efforts to onshore manufacturing.

“We’re in a metals war,” Josh Phair, founder and CEO of precious metals manufacturer and distributor Scottsdale Mint, told Yahoo Finance.

Phair noted that the push by countries to secure metal resources began with gold, with central banks buying lifting prices 68% year to date following last year’s 27% gain.

Silver and copper have also surged in recent months after being added to the US critical minerals list, reflecting their importance to the economy and national security.

“These data centers that are being created so fast in the US— the US has to have silver to protect its position in the world,” Phair added. Meanwhile, China, the world’s third-largest silver mining country, is expected to restrict silver exports starting Jan. 1, further raising concerns about a supply crunch.