Gold is heading toward what could be its strongest year on record in 2026, according to the latest Reuters poll, as market experts continue to lift their price forecasts amid persistent global uncertainty and heavy central bank buying.
A survey of 30 analysts and traders conducted over the past three weeks showed a median gold price forecast of $4,746.50 per troy ounce for 2026, the highest annual outlook recorded in Reuters polls since tracking began in 2012. This marks a sharp jump from the $4,275 estimate published in October, highlighting just how quickly sentiment around the precious metal has strengthened.
Only a year ago, forecasts painted a very different picture. In early 2025, analysts were predicting gold would average around $2,700 in 2026. The metal’s relentless rally since then has forced repeated upward revisions, reflecting a growing belief that gold’s role as a hedge is becoming more important, not less.
“We are entering a period where the credibility and durability of the institutions that have supported global economic and geopolitical stability for decades are being tested in ways we haven’t seen in a generation,” said David Russell, CEO of precious metals dealer GoldCore.
Gold’s Bullish Drivers Remain Firm
Gold prices recently rebounded to near $5,100 after posting their strongest single-day gain in more than 17 years, recovering from the sharpest two-day drop since 1983. The metal had surged to record highs just below $5,600 on January 29 before tumbling to around $4,403 an ounce earlier in the week.
That sudden pullback was largely driven by profit-taking and market reaction to U.S. President Donald Trump’s nomination of Kevin Warsh as the next Federal Reserve chair, which briefly unsettled investors and sparked concerns around policy direction.
Despite the volatility, analysts remain confident that gold’s core support factors will carry through into 2026. These include ongoing geopolitical tensions, strong central bank demand, worries over Federal Reserve independence, rising U.S. debt levels, trade uncertainty, and the broader trend of de-dollarisation.
“Gold’s thematic drivers remain positive, and we believe investors’ rationale for gold and precious metals allocations is unlikely to change,” analysts at Deutsche Bank noted.
Central banks are widely expected to continue adding gold to their reserves as they diversify away from the U.S. dollar. However, analysts caution that jewellery demand—particularly across key Asian markets—may weaken further as elevated prices dampen consumer appetite.
Silver Outlook Upgraded, But Volatility Looms
Silver has also seen a notable upgrade in expectations, with analysts now forecasting an average price of $79.50 per ounce in 2026, up sharply from the $50 projection made in October.
The metal, which straddles the line between safe-haven asset and industrial input, soared an extraordinary 147% in 2025. It went on to hit an all-time high of $121.64 on January 29 before retreating to around $89.70.
Recent gains were fueled largely by retail and momentum-driven buying, compounding an extended period of tight physical supply. That supply pressure, however, is now beginning to ease.
Looking ahead, analysts warn that silver prices are likely to remain highly volatile, with sharper corrections possible as demand softens. Industrial consumption is already showing signs of strain, particularly as solar panel manufacturers pivot away from silver for cost reasons. At the same time, jewellery demand is weakening under the weight of high prices, according to Julius Baer analyst Carsten Menke.
Overall, while both metals are expected to remain supported by macroeconomic and geopolitical forces, gold appears better positioned for sustained strength—reinforcing why analysts boost gold predictions as worldwide uncertainties intensify.
