Precious metals extended their blockbuster 2025 rally on Monday, with silver leading the charge higher as disappointing manufacturing data rekindled expectations for additional Federal Reserve rate cuts and weighed on the U.S. dollar.

The precious metals complex closed the week in historic fashion, with gold and silver both registering record weekly closes while palladium surged to levels not witnessed since 2011.

The precious metals market continues to exhibit remarkable strength, with silver achieving a new all-time high and gold advancing toward its own record levels.