The UK’s precious metals market experienced a surprising rebound in December 2025, with consumers flocking to buy silver and gold at record prices, according to industry data.
The latest figures from the World Gold Council and the Silver Institute show that total sales volume for the year remained below pre-pandemic levels, having not fully recovered from a significant drop in 2023 when the country grappled with double-digit inflation.
However, December proved to be an exception, with both gold and silver registering impressive spikes in demand. Gold sales surged by 14% compared to the previous month, while silver experienced an even more dramatic 18% increase.
“It was an unexpected bounce-back, particularly given the economic challenges we’ve faced over the past couple of years,” said Sarah Williamson, a senior analyst at the London-based consultancy firm Precious Metals Insights. “Consumers seem to have turned to gold and silver as a safe haven amid ongoing market volatility and uncertainty.”
The rise in precious metals sales was driven in part by a sharp increase in investor appetite, with both individual and institutional buyers seeking to diversify their portfolios. The FTSE 100, the UK’s benchmark stock index, experienced a volatile year, with several sharp corrections, further fuelling demand for tangible assets like gold and silver.
“Investors are clearly nervous about the long-term outlook for the economy and are looking to precious metals as a hedge against potential downside risks,” explained Williamson. “The appeal of gold and silver as a store of value has made them attractive options for those seeking to protect their wealth in these turbulent times.”
The surge in demand was also reflected in the prices of the two metals. Gold reached a new all-time high of £1,950 per ounce in December, while silver climbed to £28 per ounce, its highest level since 2021.
Despite the positive December performance, industry experts caution that the overall precious metals market remains in a fragile state. The 2023 slump, driven by high inflation and economic uncertainty, has left lasting scars, and it may take some time for the sector to fully recover to pre-pandemic levels.
“While the December numbers are encouraging, we can’t ignore the broader context of a market that is still struggling to find its footing,” said Williamson. “Sustained growth will depend on a range of factors, including the broader economic recovery and continued investor confidence in the safe-haven status of gold and silver.”
