• Gold is forecast to average $4,916 per ounce in 2026 and rise to $5,100 in 2027, according to a Reuters poll.
  • Silver is expected to average $78 per ounce in 2026 before easing to $73.15 in 2027, as industrial demand and supply deficits support prices.
  • Safe-haven demand, central bank purchases, and persistent inflation are key drivers behind the bullish outlook.

Precious metals rally set to continue

Gold prices are projected to maintain their upward trajectory through 2027, averaging $4,916 per ounce in 2026 and climbing to $5,100 the following year, according to a recent Reuters poll of analysts and traders. The forecast reflects robust safe-haven demand amid geopolitical tensions, ongoing central bank buying, and expectations that inflation will remain elevated.

Silver is also expected to shine, with prices averaging $78 per ounce in 2026, before dipping slightly to $73.15 in 2027. The metal’s dual role as both a monetary and industrial asset—particularly in solar panels, electronics, and electric vehicles—is seen as a key support, alongside structural supply deficits.

“Central banks continue to diversify reserves into gold, and macro uncertainty isn’t fading quickly,” said one metals strategist surveyed. “That backdrop keeps the bid under bullion.”

Drivers and risks

Analysts point to a combination of factors fueling the rally: persistent geopolitical risks, trade frictions, and expectations that major central banks will maintain accommodative or cautious policies. The polls indicate that even if short-term volatility spikes on data surprises, the long-term trend remains positive.

Silver’s forecast is more volatile due to its industrial sensitivity. A sharp slowdown in global manufacturing or a drop in green-tech investment could pressure prices, but current supply constraints—including mine closures and declining scrap supply—are expected to keep deficits intact.

“Silver is the leveraged play on gold, but also on industrial demand. Right now both tails are wagging,” a poll participant noted.

Market implications

For investors, the forecasts suggest that precious metals may continue to offer portfolio diversification and inflation hedging. Mining companies could see higher margins and may accelerate capital spending if prices match expectations. However, the polls also warn that a rapid shift in risk appetite—such as a peace deal in a major conflict zone or a sharp rate hike—could trigger corrections.

Attempts to reach analysts for additional comment were not immediately successful.

Correction: An earlier version of this article misstated silver’s 2027 average forecast. The correct figure is $73.15 per ounce.