Precious metals are heading into this year with strong tailwinds but a growing set of challenges threaten to reshape market dynamics across the complex, so believe the analysts in the 2026 LBMA Precious Metals Forecast Survey.
Analysts see gold, silver, platinum and palladium breaching new highs throughout the year, including not just the $6,000.00 mark for gold but even $7,000.00 – while analysts expect silver to hit $160.00. Platinum could see highs of over $3,000.00 with palladium close on its tail.
Key Drivers Behind Instability
Gold remains the headline story after a record breaking 2025. Analysts expect the metal to average 38% above last year’s levels, fuelled by expectations of lower U.S. real rates, continued Fed easing and unwavering central bank diversification away from the dollar. Geopolitical tension continues to cement gold’s role as the world’s premier safe haven. Yet the rally is showing early cracks: jewellery demand is retreating, some central banks appear price sensitive, and heavy speculative bets could trigger sharper reversals if sentiment sours. Since analysts submitted their forecasts on 12 January – when the gold price was $4,612.95 – it’s already seen huge movement, hitting a high of $5,405.00 on 29 January.
Silver, meanwhile, is entering the year with industrial momentum on its side – and analysts are forecasting an average price of $79.57 in 2026, up 98% from 2025’s average actual price. Structural deficits, tight mine supply and accelerating demand from electrification, electronics and AI driven technologies are keeping bullish pressure intact. But after 2025’s explosive gains, analysts warn the market is stretched. Price sensitive sectors are already rolling over, and any easing of tariffs or physical bottlenecks could unwind premiums just as substitution and recycling ramp up. Since submitting their forecasts on 12 January – when the silver price was $84.07 – we have witnessed a swing up to $118.45 on 28 January.
In the PGM space, platinum stands out for its unusually wide range of analyst forecasts. Analysts forecast an average of $2,222.14, up 74.32% from the previous year’s average. Supply remains structurally fragile, particularly in South Africa, and new speculative flows out of China are adding volatility. But improving recycling, stabilising mine output and softer autocatalyst demand threaten to cap gains. Since submitting their forecasts on 12 January – when the platinum price was $2,374.00 – prices have swelled to $2,811.00 on 26 January.
And with an average forecast of $1,740.25 (up 51% from the 2025 actual average of $1,150.29), palladium faces its own divide: bulls lean on near term tightness and policy driven disruptions, while bears point to rising battery electric vehicle (BEV) penetration, growing recycling flows and a looming return to structural surpluses. Since submitting their forecasts on 12 January when palladium was $1,865.00, prices since hit a high of $2,106.00 on 29 January.
*All prices relate to the LBMA (PM) precious metal prices.
Analyst Perspectives: From Bearish to Bullish Extremes
Gold
Of all four metals, analysts gave more conservative price forecast increases for gold. The gold price for 2026 is predicted to see gains averaging at $4,741.97 across the year. However, the forecast trading range is $3,700 (from $3,450 to $7,150), up 103% from the actual range in 2025 of $1816 (and up 256% from the 2025 forecast range of $1,040). The current gold price of $4,666.85 (as at 19 January) is currently closer to the lowest low of $3,500.00 than the highest high of $7,150.00 – but it’s all to play for.
Most bearish: Robin Bhar (RBMC) – average forecast of $4,000.00, with a forecast low and high of $3,500.00 and $5,000.00 respectively.
Most bullish: Julia Du (ICBC Standard Bank) – average forecast of $6,050.00, with a range of $4,100.00 to $7,150.00.
Silver
Forecast to reach highs of $165 – and with a $123 trading range – silver looks set to continue to outshine the others in 2026 with its average forecast of $79.57, up 98% from 2025’s average actual price. Analysts forecast a trading range of $123 (from $42.00 to $165.00), up 170% from the actual range in 2025 of $45.43 (and up 351% from the 2025 forecast range of just $19.50), suggesting expectations of a potentially tumultuous year.
Most bearish: Bart Melek (TD Securities) – average forecast of $44.25, with a forecast low and high of $42.00 and $86.00 respectively.
Most bullish: Julia Du (ICBC Standard Bank) – average forecast of $125.00, with a range of $62.00 to $150.00.
Platinum
A bull story for platinum is expected in 2026, with average forecasts of $2,222.14 – up 74.32% from the previous year’s average. With prices forecast to hit a trading range of $2,300 (from $1,300 - $3,600), up 76% from the actual range in 2025 of $1,306 (and up 318% from the 2025 forecast range of $550), analysts are clearly expecting a potentially tumultuous year.
Most bearish: Jacob Smith (Mitsubishi Corporation) – average forecast of $1,700.00, with a forecast low and high of $1,300.00 and $2,600.00 respectively.
Most bullish: Bruce Ikemizu (JBMA) – average forecast of $3,100.00, with a range of $2,100.00 to $3,600.00.
Palladium
With an average forecast of $1,740.25, up 51% from the 2025 actual average of $1,150.29, palladium looks set to make solid gains in 2026, building on its performance over the last few years. With a forecast trading range of $1,810 (from $1,090.00 - $2,900.00), up 88% from the actual range in 2025 of $963 – and up a staggering 3,191% from the 2025 forecast range of $55 – palladium is slated to put in another solid performance for 2026.
Most bearish: Jacob Smith (Mitsubishi Corporation) – average forecast of $1,400.00 and a forecast low and high of $1,100.00 and $2,100.00 respectively.
Most bullish: Keisuke (Bill) Okui (Sumitomo Corporation) – average forecast of $2,300.00, with a range of $1,100.00 to $2,900.00.
Congratulations to the 2025 Winners
Four 1oz gold bars kindly donated by MKS PAMP GROUP were the reward for the analyst in each of the four metal categories whose forecast was closest to the actual average LBMA price in 2025. The winners were:
