Neither gold nor silver! This year, it has provided a 74% return to its investors.

Neither gold nor silver! This year, it has provided a 74% return to its investors.

10.10.2025 21:06

In the commodity market, while volatility increased and price fluctuations were observed in the first nine months of the year, significant rises in precious metals stood out during this period. Gold saw an increase of 47%, silver rose by 61.4%, and palladium experienced a 38% increase. The biggest winner for investors was platinum, which surged by 74%.

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In the commodity market, significant fluctuations were observed in the first 9 months of the year, particularly due to tariff concerns, global economic uncertainties, and geopolitical risks. Developments regarding the monetary policy of the US Federal Reserve (Fed), mixed signals about the Chinese economy, and weather events were also among the factors affecting the commodity market.

PLATINUM HAS GAINED 74% THIS YEAR

In precious metals, there were sharp increases in prices during the first 9 months of the year. During this period, prices increased by 47% for gold, 61.4% for silver, 74% for platinum, and 38% for palladium on an ounce basis.

Neither gold nor silver. Platinum has gained 74% for its investors this year

INCREASE IN GOLD AND SILVER

The start of interest rate cuts by the Fed, strong pricing regarding the continuation of rate cuts by the bank, and disagreements over the budget in the US led to sharp increases in gold prices due to the potential shutdown of the federal government. Concerns about the Fed's future, strong investor demand in China, and geopolitical risks were also among the factors supporting gold prices.

Silver, like gold, serves as a safe haven during periods of geopolitical tension and financial instability, while also having a wide range of industrial applications. There is particularly strong demand for silver from sectors such as electronics, semiconductors, and renewable energy. Silver is also heavily used in solar panels.

The US decision to include silver in its "critical mineral" list has strengthened forecasts for increased silver demand. The optimism regarding the recovery of economic activity due to positive growth data in the US has also supported silver prices.

Neither gold nor silver. Platinum has gained 74% for its investors this year

VERBAL TENSION BETWEEN TRUMP AND MUSK AFFECTED THE RISE IN PLATINUM

The recent tariff wars have played a role in the rise of platinum prices. Analysts emphasized that another point contributing to platinum's prominence is the verbal tension between US President Donald Trump and billionaire Elon Musk.

Analysts noted that expectations have begun to rise regarding Trump reducing or eliminating incentives for electric vehicles due to this tension, highlighting that platinum is one of the products used more in carbon-fueled cars, i.e., non-electric vehicles, and is in high demand.

Neither gold nor silver. Platinum has gained 74% for its investors this year

THIS YEAR, COPPER TESTED HISTORICAL PEAKS AMONG BASE METALS

In base metals, a general upward trend has emerged this year, with record prices seen for copper. In the over-the-counter market, prices increased by 21.1% for copper, 4.9% for aluminum, and 1.8% for lead, while nickel decreased by 0.6% and zinc by 1.2%. The price of copper reached a historical peak of $5.92 per pound.

The accident at Freeport McMoran's Grasberg mine in Indonesia negatively affected copper supply, leading to an increase in copper prices. The Grasberg mine accounts for approximately 3.2% of the world's copper supply and provides more than 70% of Freeport's total copper production.

After Trump announced in July that they would impose a 50% tariff on copper imports, there were sharp increases in copper prices. Copper was particularly supported by strong demand in China. Concerns about increasing supply due to the continued flow of copper to the US amid tariff worries also contributed to the rise in copper prices.

Neither gold nor silver. Platinum has gained 74% for its investors this year

ENERGY GROUP PLAYED WITH LOSSES

In the energy group, a downward trend prevailed in the first 9 months of the year. During this period, the price of Brent crude oil fell by 11.6%, and the price of natural gas traded on the New York Mercantile Exchange decreased by 9% in British Thermal Units (MMBtu). Oil prices rose due to the increase in US crude oil stocks and news that the Organization of the Petroleum Exporting Countries (OPEC) and its partners (OPEC+) would increase production again. Concerns that the global trade war would reduce fuel demand and predictions of a potential oversupply in the market also contributed to the decline in oil prices.

Neither gold nor silver. Platinum has gained 74% for its investors this year

WHILE THERE WERE SHARP DECLINES IN THE AGRICULTURAL GROUP, COFFEE STOOD OUT POSITIVELY

In the agricultural group, sharp declines were observed in products other than coffee during the first 9 months of the year. In the Chicago Mercantile Exchange, prices per bushel decreased by 7.9% for wheat, 9.4% for corn, 0.9% for soybeans, and 19.3% for rice.

In the Intercontinental Exchange commodity market operating in the US, prices per pound increased by 17.2% for coffee, while they decreased by 13.8% for sugar, 3.8% for cotton, and 42.2% for cocoa. The price of coffee reached a record level of $4.29 per pound during the first 9 months of the year. The price of coffee per pound sharply increased following statements from US President Donald Trump regarding the possibility of imposing additional tariffs on Colombia after taking office.

The US's decision to impose a 50% import tax on Brazil also led to sharp increases in coffee prices. The slight improvement in climate conditions in West Africa contributed to the increase in cocoa yields, which pressured prices.

Neither gold nor silver. Platinum has gained 74% for its investors this year


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Neither gold nor silver. Platinum has provided investors with a 74% return this year

WHAT IS THE REASON FOR PRECIOUS METALS BECOMING ATTRACTIVE FOR INVESTORS?

Tim Waterer, Chief Market Analyst at KCM Trade based in Australia, stated in an assessment to AA correspondent, "Low interest rates and geopolitical risks have helped gold reach record levels in 2025. The historical peaks of gold have also caused other precious metals to rise."

Waterer noted that there are increases in precious metals due to industrial and commercial demand. He expressed that the demand, combined with the low-interest environment suitable for non-yielding assets like gold and silver, has paved the way for precious metals to become an attractive asset for investors this year.



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