Not all that glitters... gold beaten to top of commodities table

03.09.2025

I am grateful to see that Citywire earlier this week published an article updating the 2025 performance of various of the main market commodities.

Its journalist Olivia Bybel noted that:

This year, investors have funnelled money into gold, looking for safety and certainty in a period of tumultuous equity markets and a plummeting reserve currency.

But while gold has undoubtedly performed well this year, investors might be surprised to know it has not been the best commodity to back in 2025.

Citywire took a look at how six different commodities faired this year. 

Silver

Silver is the top performer of 2025, up 34.1% year-to-date.

Gains accelerated from March onward, driven by safe-haven demand and surging industrial use in solar, batteries, and electronics.

Its volatility made it more responsive than gold, and by August silver was the best commodity globally.

Silver’s dual role as an industrial and precious metal has made it this year’s stand out. 

Gold 

Gold has gained 30.1% year-to-date, making it one of 2025’s strongest commodities.

Safe-haven flows, central bank accumulation and inflation concerns fuelled steady growth.

Prices accelerated in spring, holding above 25% through summer before pushing past 30% in August.

Gold’s performance shows continued investor confidence in its stability, reinforcing its value as a defensive asset.

Copper

Copper is up 10.9% year-to-date, though below its March peak of 25%.

Strong demand from electrification, infrastructure and supply constraints fuelled early gains, but momentum faded in spring.

Despite volatility, copper remains a key industrial metal and one of the few commodities holding double-digit gains in 2025.

Crude Oil 

Crude oil ended August nearly flat at -0.05% year-to-date.

After small gains early in the year, prices fell sharply in April on oversupply and weaker demand.

Partial rebounds followed, including July’s 5.4% rise, but momentum faded by late summer.

Strong US shale production, uneven Chinese and European growth, and supply shifts kept markets unstable.

Oil’s lacklustre performance contrasts sharply with surging metals, showing energy’s muted role in this year’s commodity landscape.

Wheat 

Wheat has underperformed in 2025, down 12.1% year-to-date.

After early gains in January, prices fell steadily as abundant harvests in Russia, the US, and Australia boosted supply.

Losses deepened through summer, keeping wheat firmly in negative territory.

Though occasional geopolitical risks caused short-term volatility, global oversupply has dominated, making wheat one of the weakest agricultural commodities of the year.

Natural Gas 

Natural gas has been the year’s weakest major commodity, down 19% year-to-date.

The year started with a sharp 16% drop in January, with brief rebounds in February and March quickly reversed.

By summer, steady oversupply and mild demand pushed losses deeper.

North American output and high storage levels capped prices, while geopolitical risks failed to provide lasting support.