Will gold and silver prices continue to break records in 2026?

Historic Rise in Gold Prices Observed in 2025

Gold prices drew attention with their strongest annual performance since 1979. The increase in geopolitical risks supported the demand for safe havens, while the U.S. Federal Reserve's interest rate cuts also played a significant role in the rise of precious metals. Throughout the year, gold prices increased by approximately 63 percent, attracting investor interest. In September, gold reached its inflation-adjusted value for the first time in 45 years, surprising investors by exceeding 4 thousand dollars at the beginning of October.

Record Surge in Silver

In addition to gold, silver also made a significant impact in 2025. Silver prices closed the year with an increase of over 140 percent, capturing investors' attention. Speculative purchases, along with industrial demand and supply constraints, contributed to this rise in silver. John Reade, Chief Strategist of the World Gold Council, remarked on the situation, saying, "I have never seen such a scenario throughout my career."

Expert Predictions for 2026

JP Morgan's Expectations

JP Morgan's Global Commodity Strategy Head Natasha Kaneva emphasized that the rise in the gold market would not progress linearly but that fundamental trends would continue. Kaneva predicted that gold prices would approach 5 thousand dollars per ounce by the end of 2026.

Goldman Sachs Analysis

Goldman Sachs stated in a note released last week that, according to their base scenarios, gold prices are expected to rise by 14 percent by December 2026, reaching 4 thousand 900 dollars per ounce. The bank noted that the diversification demand from individual investors poses an upward risk to this forecast.

Morgan Stanley's Views

Morgan Stanley anticipates that the rise in gold prices will be more limited for 2026. The expected decline in purchases from central banks and exchange-traded funds (ETFs) is behind this prediction. However, interest rate cuts and a weakening dollar could support gold's upward movement. Morgan Stanley expects the price of gold to reach 4,800 dollars per ounce in the fourth quarter of 2026.

Other Predictions: UBS and BOFA

UBS revised its forecasts for gold prices upwards, setting a target of 5 thousand dollars per ounce for March, June, and September 2026. Bank of America also predicts that gold could reach 5 thousand dollars per ounce in 2026, while expecting the average price to be around 4 thousand dollars.