At a glance

Gold forecast

Of the 28 analysts forecasting in the gold category, a staggering 22 of them expect gold to hit prices higher than $5,000.00 this year. And, astonishingly, five expect gold to breach the $6,000.00 mark – while one mega-bull expects highs of beyond the $7,000 ceiling.

For 2026, gold is forecast to trade between $3,450 and $7,150 – a whopping range of $3,700, over double the actual trading range in 2025 of $1,816.05* ($2,633.35 – $4,449.40) which itself was much higher than the forecast range of $1,040.00. This range forecast signifies the expectation of significant movement throughout the year.

Julia Du (ICBC Standard Bank) is this year’s most bullish for gold, with her average of $6,050 and high of $7,150 – some 60% higher than the highest price reached in LBMA auctions in 2025 of $4,449.40.

Even this year’s most bearish for gold, Robin Bhar (RBMC), forecasts an average of $4,000 – still $568 above the average for 2025.

Analysts expect the rally seen in 2025 to continue, with 2026 average forecasts projecting prices 38% higher than the 2025 actual average, pushing trading ranges well above historical norms and signalling that the current upswing is far more than a cyclical spike.

Analyst commentary suggests that on the bullish side, expectations of lower real interest rates continue to support gold, as Federal Reserve easing reduces the cost of holding the metal. Central banks are still diversifying away from the US dollar, even at record nominal prices, anchoring a structural demand floor. Meanwhile, persistent geopolitical uncertainty – from conflicts to institutional tensions – keeps safe‑haven demand elevated.

However, risks are rising. High prices are already squeezing jewellery demand and could cool central‑bank buying in more price‑sensitive regions. As the US easing cycle matures, gold may become less reactive to policy signals. Heavy speculative positioning also raises the prospect of sharper pullbacks if sentiment shifts.

*LBMA PM Gold Price

Silver forecast

Despite the strength of gold’s performance in 2025, silver outshone it – and analysts are forecasting another bumper year for silver in ‘26.

Seventeen silver forecasters – out of the 26 – expect the white metal to breach the $100/oz milestone, while three of these believe it will hit higher than $160.00. Two even see it breaching $160.00.

The average price forecast for silver for 2026 is $79.57 – an increase of 98% from the average actual price in 2025 of $40.03.

Julia Du (ICBC Standard Bank) is this year’s most bullish for silver as well as gold, with her average silver forecast of $125.00 – 202% higher than the 2025 actual average. Julia’s high forecast was $150.00 for ’26, so it’s clear she sees a shining year ahead for the white metal.

Bart Melek (TD Securities) takes this year’s most bearish position with his forecast average of $44.25 – only $4 above the actual average for 2025 of $40.03.

Commentary from the analysts reveal a well-held belief that silver enters 2026 with considerable momentum, supported by persistent structural deficits, constrained mine supply, and expanding industrial use across electrification, electronics, AI‑related technologies and renewable energy. Its high beta to gold, combined with expectations of lower U.S. real rates and sustained geopolitical uncertainty, continues to draw strong investment flows.

However, analysts also revealed belief that the market also faces significant downside vulnerabilities. Following a parabolic 2025 rally, silver is trading at stretched levels, with price‑elastic segments such as jewellery, silverware and selected industrial uses already showing signs of demand erosion.

Platinum forecast

Platinum is heading into 2026 with analysts sharply divided, as the market digests a mix of structural tightness and signs of emerging supply relief. The average price forecast for platinum is $2222.14. Five of the platinum forecasters see platinum reaching highs of $3,000.00, with one analyst expecting a high of a staggering $3,600.00.

In this year’s most bullish position sits Bruce Ikemizu (JBMA) with his average forecast of $3,100.00 – an increase of 143% compared to the 2025 actual average. Bruce also gave the highest high forecast of $3,600, which seems extraordinary compared to the lowest low forecast of $1,300 by Jacob Smith (Mitsubishi Corporation).

Speaking of whom – and perhaps unsurprisingly – Jacob is this year’s most bearish analyst for platinum with his average forecast of $1,700, which is still a 33% increase compared to the 2025 average price of $1,274.

Bulls for platinum argue that years of underinvestment, persistent South African constraints, and thin above‑ground inventories will keep the market undersupplied, while heightened Chinese participation via the newly launched GFEX is injecting fresh speculative and physical demand. Supportive macro trends – including strong gold prices and a rotation into hard assets – add to the upside case, with hybrid‑vehicle demand helping offset pressure from BEV adoption.

Meanwhile, the more bearish analysts counter that mine supply is stabilising, recycling is improving, and CME warehouse stocks may loosen once Section 232 risks ebb. Demand‑side risks include fading jewellery momentum after 2025’s surge and softer autocatalyst loadings if palladium regains cost advantage. With investors less likely to chase last year’s speculative highs, price normalisation becomes plausible.

The wide forecasted trading range of $1,300 - $3,600 reflects an unusually uncertain backdrop for platinum in 2026.

Palladium forecast

The 2026 average forecast price – as $1,740.25 – sitting above the $1,150.29 average achieved in 2025, underscoring expectations for a firmer but still volatile year ahead.

Eighteen of the 21 analysts can see palladium reaching highs of $2,000.00 and beyond, with one particularly plucky forecaster believing a high of $2,900.00 is achievable this year.

Keisuke (Bill) Okui (Sumitomo Corporation) takes most bullish spot for 2026, with his average forecast of $2,300 – 99.9% higher than the actual average price in 2025 of $1,150.29.

Most bearish with their 2026 forecasts for palladium is Jacob Smith (Mitsubishi Corporation) with an average of $1,400. Interestingly, both Keisuke (Bill) and Jacob gave matching ‘low’ forecasts of $1,100 – but there is a difference of $900 in their averages.

Palladium heads into 2026 with analysts split over whether the metal is gearing up for another rally or bracing for a comedown. Bulls point to tightening near‑term conditions: hybrid‑vehicle momentum, heavier catalyst loadings, renewed reverse substitution from platinum, and policy flashpoints such as Section 232 and U.S. anti‑dumping probes – all of which risk constraining supply and fuelling price spikes. Add in geopolitical tension, tariff‑driven disruptions and limited mine investment, and the case for continued firmness strengthens.

But the bear camp sees a different story emerging. Rising BEV adoption, persistent thrifting, expanding recycling flows, stabilising Russian and South African output, and weakening automotive demand all signal a return to structural surpluses. Investor enthusiasm also looks fragile as fundamentals reassert themselves.