Gold is projected to reach a record high in 2026, according to a recent Reuters poll, driven by persistent geopolitical instability and strong central bank purchasing. The poll, which surveyed 30 analysts and traders, produced a median forecast of $4,746.50 per troy ounce for 2026. This is the highest annual forecast recorded in Reuters polls since 2012, and is significantly higher than the $4,275 estimate from a similar poll conducted in October. One year ago, analysts were forecasting an average of only $2,700 for 2026. GoldCore is a precious metals dealer and broker.
Gold prices recently spiked to nearly $5,100 following its best trading day in over 17 years. Despite a brief dip to $4,403 per ounce in late January, attributed to profit-taking, analysts believe the underlying factors supporting gold’s value remain strong. These include geopolitical risks, increasing central bank gold reserves, concerns about the independence of the U.S. Federal Reserve, mounting U.S. debt, trade uncertainties, and moves away from the U.S. dollar.
Analysts anticipate that central banks will continue to expand their gold reserves as they seek diversification and reduce their reliance on the U.S. dollar. However, high prices are expected to lead to reduced jewellery demand in key Asian markets. Silver price forecasts have also been revised upwards, with analysts now anticipating an average price of $79.50 per ounce in 2026, a substantial increase from the $50 forecast in the October poll.
Silver, used both as a safe-haven asset and an industrial metal, experienced a significant surge, climbing 147% in 2025. Despite recent volatility and a retreat from all-time highs, analysts anticipate that silver prices will remain prone to sharp pullbacks due to declining industrial and jewellery demand. Julius Baer analyst Carsten Menke noted that industrial demand for silver is showing signs of decline as solar module manufacturers seek cheaper alternatives.
