Gold, the premier precious metal, achieved its eighth consecutive quarterly record high in Q3 2025; however, it ironically recorded the smallest percentage increase compared to other precious metals.
In my Q2 analysis on precious metals featured on Barchart, I concluded with:
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I maintain a bullish outlook on the precious metals market, though even the most vigorous bull markets seldom move in straight lines. Historically, accumulating during price corrections has been advantageous in gold since its low in 1999, and I anticipate this trend will persist in gold, silver, platinum, and palladium in the months ahead.
Prices surged in Q3, with all precious metals showcasing double-digit percentage gains. The momentum carried into early Q4, with gold achieving its ninth consecutive quarterly record high and silver reaching a new peak.
COMEX gold futures increased by 16.12% in Q3 and were up 45.43% for the first nine months of 2025, concluding at $3,840.80 on September 30, 2025.
The quarterly chart demonstrates that gold’s bullish momentum continued into early Q4, propelling the leading precious metal to its ninth consecutive record peak. Gold hit a new high of $4,124.30 in October 2025, surpassing the $4,000 per ounce milestone. The bullish trajectory started from the low of $252.80 in 1999 remains robust.
COMEX silver outpaced COMEX gold, leading the precious metals sector in Q3 with a rise of 30.09% and an impressive 59.50% increase for the first nine months of 2025, settling at $46.64 by September 30, 2025.
The quarterly COMEX silver futures chart shows the second-leading precious metal continued to advance in early Q4, reaching $50.56 per ounce. Silver futures exceeded the 2011 and 1980 highs of $49.82 and $50.36 per ounce respectively, spurred by tariff concerns and diminishing physical silver inventories, which resulted in the spot price soaring to a new record peak of over $52 per ounce in October 2025.
NYMEX platinum futures climbed by 18.79% in Q3, leading the sector with a staggering 77.25% gain for the first nine months of 2025, concluding at $1,584.60 on September 30, 2025.
