Precious metals emerged as top performers in the 2025 global commodities market, with silver and gold reaching record highs due to economic and geopolitical risks. According to a Reuters review, silver outperformed most major equity indexes and currencies, gaining 161% and breaking the $80 per ounce mark for the first time. Gold climbed 66% during the same period. Industrial metals also saw strong gains, with copper hitting all-time highs and aluminium rising 17%.
The surge in precious metals can be attributed to central bank demand, investor positioning, and expected lower US interest rates in 2026. Silver drew additional support from its designation as a critical US mineral, supply constraints, and low inventories. Gold was supported by sustained central bank buying. Platinum and palladium are also expected to see strong annual gains.
In contrast, energy markets recorded losses, with oil benchmarks Brent crude and US West Texas Intermediate crude falling around 15% in 2025. The Organization of the Petroleum Exporting Countries and its allies have paused oil output increases for the first quarter of 2026. Analysts expect that if oil prices fall substantially, OPEC+ may consider cuts.
Copper prices reached an all-time high on the London Metal Exchange, driven by a weaker US dollar, growing demand from artificial intelligence and renewable energy, and mine output disruptions. Other industrial metals, such as tin and iron ore, also saw significant gains due to supply disruptions and growing demand from China.
Agricultural markets, however, were beaten down in 2025, with cocoa being the biggest loser, tumbling 48% due to a decline in demand and a boost in supplies. Raw sugar, robusta coffee, and wheat also came under pressure, while Chicago soybeans are poised to end 2025 on a positive note due to China’s resumption of imports from the US.
As the global commodities market looks to 2026, precious metals are expected to see further gains, while agricultural and energy products may face challenges due to growing supplies and tepid demand. The outcome of OPEC+ meetings and changes in US interest rates will be closely watched by investors and analysts.