Keisuke (Bill) Okui

Gold prices in 2026 are projected to average $5,300, with potential highs near $6,000, supported by strong demand and constrained supply. Central banks are expected to maintain significant purchases as part of reserve diversification, particularly among non-Western economies seeking to reduce reliance on the U.S. dollar. This de-dollarisation trend, coupled with heightened geopolitical and currency risks, reinforces gold’s role as a strategic safe-haven asset. Individual investors are also increasing exposure through digital platforms and innovative investment vehicles, further bolstering demand. On the supply side, limited mine expansion and rising production costs are likely to restrict output growth, adding upward pressure on prices. However, downside risks remain continued with Quantitative Tightening by central banks including FRB and this could temper gold’s upward trajectory. Overall, structural demand drivers position gold for a historically strong performance in 2026 as well. Three most important factors I think will impact on the gold price in 2026: 1. Gold ETF 2. Central Banks 3. QT by FRB

Silver prices in 2026 are projected to average $90, with highs near $120 and lows around $50, supported by strong investment and industrial dynamics. On the upside, silver is expected to track gold’s rally, driven by sustained investor demand and robust consumption in India for jewelry and investment. Additional support may come from Chinese export restrictions, particularly on silver produced as a by-product of domestic copper refining, which could tighten global supply. Limited mine expansion and rising production costs further constrain availability, amplifying upward pressure. However, downside risks remain. Elevated prices could reduce industrial demand in sectors such as electronics and solar, where cost sensitivity is high. Moreover, any easing of trade restrictions or improved supply conditions could temper gains. Overall, structural demand drivers and supply constraints position silver for strong performance, though volatility from policy and demand elasticity should be expected.

Platinum prices in 2026 are projected to average $2,800, with highs near $3,400 and lows around $1,600, supported by strong investment and industrial demand. One of the key drivers is the launch of platinum contracts on the Guangzhou Futures Exchange, which is expected to broaden investor access in China. Automotive demand remains resilient, as the European Union’s decision to allow internal combustion engine vehicles to be sold even after 2035 sustains the need for platinum-based catalytic converters in diesel and gasoline engines. Chemical catalyst applications are not expected to increase but will maintain a baseline level of demand. On the supply side, South African producers face persistent challenges, including power shortages, water constraints, labor disruptions, and aging infrastructure, limiting production growth. Downside risks include global economic slowdown and potential asset reallocation by commodity funds following platinum’s outsized gains last year.

Palladium prices in 2026 are projected to average $2,300, with highs near $2,900 and lows around $1,100, supported by investment and automotive demand. One of the key drivers is the launch of palladium contracts on the Guangzhou Futures Exchange, which is expected to broaden investor access in China just like platinum. Automotive demand remains strong globally, with gasoline-powered vehicles continuing to dominate and rising sales in India further supporting palladium’s role in catalytic converters. On the supply side, recycling and refining of used automotive catalysts remain significant, with technological improvements boosting recovery efficiency. This abundant secondary supply, combined with relatively stable primary production helps explain why palladium’s price range is about $500 lower than platinum. Downside risks include global economic slowdown, potential asset reallocation by commodity funds, and accelerating BEV adoption in places like India.