Precious metals, including gold and silver, began 2026 with price increases, recovering from late 2025 dips after achieving record-breaking gains throughout the previous year. Gold ended 2025 with a 64% annual gain, its largest since 1979, driven by U.S. Federal Reserve interest rate cut expectations, geopolitical tensions, and central bank demand. Silver also saw a significant surge, ending 2025 with a 147% gain. Investors anticipate further rate cuts in 2026, supporting demand for these non-yielding assets.