Gold and silver were the standout performers of 2025, delivering record rallies driven by global rate cuts, geopolitical uncertainty, and strong institutional demand. Gold surged past $4,500 per ounce as central banks emerged as the largest buyers, steadily adding to reserves to diversify risk and hedge against global shocks. ETF and long-term investor participation further tightened supply, pushing prices sharply higher. Silver followed gold but outperformed at times due to strong industrial demand from renewables, electronics, and electrification, making the rally more volatile. After some profit booking, the key question is what lies ahead in 2026. Lower interest rates and continued central-bank buying should support gold as a strategic portfolio stabiliser, while silver is likely to remain volatile, offering higher returns but requiring disciplined timing.