Precious metals started the New Year higher on Friday, as gold climbed a little from a two-week low hit in ‍the previous session, ‍while the others also pared some losses accumulated in the past week, even ​as the metals notched unprecedented gains in 2025.

FUNDAMENTALS

* Spot gold rose 0.8% to $4,346.69 per ounce as ⁠of 0019 GMT, after hitting a record high of $4,549.71 on December 26. It fell to a two-week ⁠low on ‌Wednesday.

* U.S. gold futures for February delivery gained 0.5% to $4,360.60/oz.

* Bullion staged a stellar rally in 2025, ending the year with annual gains of 64%, its ⁠largest since 1979.

* Interest rate cuts and bets of further easing by the U.S. Federal Reserve, geopolitical conflicts, robust demand from central banks and rising holdings in exchange-traded funds had fueled gold's rally last year.

* As per the minutes of the U.S. Federal ⁠Reserve's last two-day session in December, ​the Fed agreed to cut interest rates only after a deeply nuanced debate.

* Investors currently expect at least two ‍rate cuts by the Fed this year.

* Non-yielding assets tend to do well in low-interest-rate environments. 

* Spot silver added ​2.1% to $72.75 per ounce, after hitting an all-time high of $83.62 on Monday. Silver ended the year surging 147%, far outpacing gold, in what was its best year ever on-record.

* The metal broke through multiple important milestones for the first time, propelled by its designation as a critical U.S. mineral, supply constraints and low inventories amid rising industrial and investment demand.

* Spot platinum was up 0.2% at $2,057.74 per ounce, after rising to an all-time high of $2,478.50 on Monday, and it too staged its largest gain in a year ever, having climbed 127%.

* Palladium rose 2.4% to $1,642.90 ⁠per ounce, closing the previous year up 76%, its best ‌in 15 years.

* Meanwhile, U.S. President Donald Trump signed a proclamation on Wednesday to delay increases in tariffs for upholstered furniture, kitchen cabinets and vanities for another year, the White House ‌said.

DATA/EVENTS (GMT) 0700 UK Nationwide house ⁠price mm 0700 UK Nationwide house price yy 0850 France HCOB Manufacturing PMI 0855 Germany HCOB Mfg PMI 0900 EU HCOB Mfg Final PMI 0930 UK S&P Global Manufacturing PMI 1445 US S&P ⁠Global Mfg PMI Final

(Reporting by Ishaan Arora; Editing by Rashmi Aich)