15.12.2025 GOLD TAKAS DAILY BULLETIN
IN THE SHADOW OF THE RALLY
This week in precious metals, it’s not just the prices that stand out, but a clear sense of unease. All four metals are moving at the same time, yet instead of making investors feel comfortable, they are making them think more. A rally on its own doesn’t mean much anymore. Right now, why a metal is going up matters just as much as the move itself. The market keeps drifting away from old habits.
Gold is holding its upward move around the $4,340 level, and the price action feels more controlled than uncertain. What we’ve seen in recent weeks looks less like a sudden burst higher and more like gold slowly testing higher ground. Falling real yields, ongoing dovish expectations around the Fed, and steady central bank demand are still supporting the price. On top of that, gold remains a relatively small part of US retail and institutional portfolios, which suggests the move hasn’t become crowded yet. At this stage, gold seems more focused on building strength at high levels than on breaking out aggressively, and that keeps the broader uptrend alive.
Silver is trading around $63,65, and the price action still shows strong upward pressure. Even though some pullback talk has picked up after the sharp moves we’ve seen, silver’s ability to stay at elevated levels shows that buyers are still there. Short-term profit-taking shows up from time to time, but it looks more like a pause than a reversal. Strong industrial demand, energy-transition-related uses, and the support coming from gold’s strength continue to keep silver’s upside story intact.For now, silver feels more like it’s finding balance within an uptrend rather than running out of steam.
The more interesting move, though, is happening in platinum. Trading around $1,779, platinum is quietly moving away from its long-held reputation as the “lagging metal.” While gold is sitting near record highs, platinum still looks relatively cheap, which makes the idea of capital rotation harder to ignore. Palladium tells a different story. Around $1,524, the price action points less to a clear recovery and more to ongoing weakness beneath the surface.
But when you step back and look at the full picture, one question feels hard to avoid:
Has the rally really convinced you, or does it still feel like something is missing?