Analysts have issued a new price outlook for gold in 2026, noting that the precious metal is likely to be supported by continued central bank demand and persistent global economic uncertainty.

To this end, a Reuterspoll of 31 analysts and traders published on April 27 places the median forecast at $4,916 per ounce, marking the highest annual projection recorded in the survey’s history.

This represents an increase from the $4,746.50 estimate issued three months earlier and a sharp jump from the $3,000 forecast reported a year ago.

The revised outlook comes after a volatile period for the precious metal. Gold surged to a record level of around $5,595 per ounce at the end of January before retreating roughly 11% following geopolitical escalation involving U.S. and Israeli strikes on Iran in late February.

The pullback was largely attributed to investors seeking liquidity during heightened market uncertainty.

By press time, gold was trading at $4,698, down 0.23% for the day. Year to date, the metal is up almost 9%.

Despite the recent decline, analysts expect gold’s broader upward trend to resume once geopolitical tensions stabilize. However, the metal faces near-term pressure from rising inflation and expectations of tighter monetary policy, particularly as higher interest rates reduce the appeal of non-yielding assets like gold.

Over the longer term, gold prices are expected to be supported by strong central bank demand, concerns over U.S. fiscal stability and currency debasement, and uncertainty around Federal Reserve policy, reinforcing its safe-haven appeal into 2026.

A return to monetary easing could further boost investment demand, while geopolitical tensions are seen as a source of short-term volatility rather than a shift in the broader outlook.

Silver price downgraded

In contrast, the outlook for silver has been slightly downgraded. To this end, the analysts now expect silver to average $78 per ounce in 2026, down from a previous estimate of $79.50.

The metal, which is influenced by both industrial demand and investment flows, experienced a sharp rally in 2025, reaching a record high of $121.64 in January before falling back to around $75.

While supply constraints continue to provide some support, weaker demand from sectors such as solar energy is expected to limit further gains.

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