The precious metals thrived as the U.S. dollar suffered in the wake of Trump trade policies.

Gold and silver prices are about to record their biggest annual gains since 1979.

Rising sharply in late April after Donald Trump’s rocky global tariff rollout, the price of gold has soared nearly 70% in 2025. Silver, up more than 30% in December alone, has surged more than 160% this year.

While there are a few factors at play, the rally can trace its origins to the unease over volatile trade policies announced by the Trump administration earlier this year, as well as a concern that they could weaken the U.S. dollar and hurt its appeal around the world. Often referred to as “safe haven” assets, precious metals rise when investors move out of more volatile assets, like stocks.