Precious Metals Continue Rallying, Spot Gold and Silver Hit New All-Time Highs

BlockBeats News, December 23rd. According to market data, the precious metals continue to rise, with spot gold currently at $4489.6 per ounce, hitting a historical high for the 50th time this year, with a more than 70% increase. Spot silver broke through $70 per ounce today, hitting another all-time high, with a YTD increase of about 135%. The independent Wall Street investment research firm Yardeni Research raised its gold price target for next year today, raising the year-end 2026 target to $6000 per ounce, and still expects the price of gold to reach $10,000 per ounce by the end of 2029.

Furthermore, after China announced a new gold tax policy in November 2025, raising the cost of consumer gold, the upstream tax burden for non-investment gold (such as jewelry) increased by about 7%, leading to a short-term increase in retail gold prices. The pricing method for gold jewelry in Shuibei, the largest gold and jewelry wholesale market in China, has also undergone multiple adjustments, no longer distinguishing between "investment gold" and "jewelry gold," with today's Shuibei jewelry gold price reaching 1118-1125 yuan/gram.