The Portuguese Assay Office (Contrastaria) certified 4.6 million pieces in 2025, a 2.5% increase from the previous year, despite activity being affected by rising gold and silver prices, according to Director General Francisco Bastos. While the volume of precious metals processed increased, activity has yet to return to 2023 levels. Industry associations, including AORP and APIO, expressed concern over the impact of high metal prices on small businesses, noting that rising costs are squeezing margins and complicating retail pricing, even as gold remains a popular investment.