Global precious metals faced a sharp correction on Monday as a wave of profit-taking and cooling geopolitical tensions halted a historic rally. Silver led the decline, tumbling back below $80 per ounce after briefly touching uncharted territory.

​The Market Snapshot

​After hitting a series of vertical milestones, the metals complex saw a significant pullback during Monday’s session:

​Gold: Spot gold fell 1.7% to $4,455.34 per ounce, retreating from Friday’s record peak of $4,549.71.

​Silver: The biggest mover of the day, spot silver plunged 4.6% to $75.47, after hitting an intra-day all-time high of $83.62.

​Platinum & Palladium: Both industrial precious metals saw heavy losses, with Platinum dropping 6.2% to $2,298.45 and Palladium cratering 11.4% to $1,705.15.

​The "Trump-Zelensky" Factor

​The primary catalyst for the sudden reversal appears to be a shift in the geopolitical landscape. Safe-haven demand softened following optimistic comments from U.S. President Donald Trump regarding the conflict in Ukraine.

​On Sunday, Trump indicated that he and Ukrainian President Volodymyr Zelensky were "getting a lot closer" to a potential peace deal. Tim Waterer, Chief Market Analyst at KCM Trade, noted that these "seemingly productive talks" combined with aggressive profit-taking have forced gold and silver onto the back foot.

​A Historic Year for Metals

​Despite Monday’s retreat, 2025 remains a landmark year for bullion:

​Silver’s Stellar Run: Silver has surged 181% year-to-date, far outperforming gold. Its rise is fueled by its new status as a "critical U.S. mineral," chronic supply shortages, and massive industrial demand.

​Gold’s Record Climb: Gold has gained 72% in 2025, driven by central bank accumulation, rising ETF holdings, and expectations of a looser U.S. monetary policy.

​Looking Ahead: $5,000 Gold and $100 Silver?

​Analysts remain bullish on the long-term trajectory. Market participants are currently awaiting the minutes from the Federal Reserve's December meeting to gauge the likelihood of further rate cuts in 2026. Because precious metals yield no interest, they historically thrive when rates are low.

​KCM Trade’s Waterer suggests the rally may only be taking a breather. He projects that gold could hit $5,000 next year if the next Fed Chair maintains a dovish stance. Furthermore, the combination of industrial demand and supply deficits could prime silver for a run toward $100 by 2026. #WriteToEarnUpgrade #Silver #USJobsData