Gold pulled back from record highs today (Monday), with silver also retreating after recent gains, as investors booked profits and easing geopolitical tensions reduced safe-haven demand.

Spot gold fell 1.7% to $4,455.34 per ounce, after reaching a record high of $4,550 on Friday. U.S. gold futures for February delivery lost 1.2%, settling at $4,500.30 per ounce. Spot silver slipped 4.6% to $75.47 per ounce, after briefly trading at $83.62.

Silver Volatility Rises Amid Margin Hikes

Silver markets are entering a critical week following the Chicago Mercantile Exchange’s second margin increase in two weeks. The initial margin for March 2026 silver futures rose to about $25,000 from $20,000, adding pressure on leveraged traders.

Analysts said this could reduce leverage and trigger volatility , while low inventories and strong industrial demand continue to support prices.

Tokenized Silver Trading Sees Rapid Growth

Interest in silver is also moving into tokenized markets. Data from RWA.xyz shows monthly transfer volumes for its tokenized version of the iShares Silver Trust (SLV) increased more than twelvefold, alongside a 300% rise in holders and a 40% gain in net asset value.

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Tokenized silver allows investors, including non-U.S. participants, to trade digital tokens representing SLV around the clock, reflecting growing demand for blockchain -based exposure.

Silver has gained 181% year-to-date, outpacing gold, which has risen 72% in 2025. Traders are anticipating further U.S. rate cuts next year, while analysts said gold and silver remain sensitive to economic and policy developments.

Gold Hits Records Amid Fed Expectations

Just before Christmas, gold prices rose sharply, reaching a new record. Spot gold traded around $4,420 per ounce, up more than 1.7% on the day. Analysts attributed the gains to expectations of further U.S. Federal Reserve rate cuts, a weaker U.S. dollar, and ongoing geopolitical risks.

Kathleen Brooks, Research Director at XTB, said, “The gold price hit a fresh record high, as geopolitical concerns heat up and hopes grow that the Fed can continue to cut rates next year.” Some analysts noted that thin liquidity during the holiday period could increase short-term volatility, but longer-term forecasts remain broadly positive, supported by central bank demand and macroeconomic factors.