On 29 December, gold, silver and copper prices fell sharply after reaching record highs.
Silver futures dropped 8% and copper fell 13% as investors took profits after an unprecedented rally; silver had risen about 170% overall in 2025.
The sharp reversal followed easing geopolitical tensions, as US President Donald Trump and Ukrainian President Volodymyr Zelensky said they had reached about 90% agreement on a peace plan to end the Russia–Ukraine war. This reduced demand for safe-haven assets, including precious metals.
At the same time, CME Group announced it would raise margin requirements for silver contracts to USD 25,000 from 29 December. In addition, China announced new export licensing requirements for silver from the start of January 2026. These factors forced the closure of some trading positions and intensified downward pressure on prices.
