Analysts Raise Gold Price Forecast 2026 Amid Global Uncertainty

Gold is on track for a record-breaking performance in 2026, according to a recent Reuters poll of analysts and traders. The survey of 30 experts revealed a median gold price forecast 2026 of $4,746.50 per troy ounce, up from $4,275 in October and marking the highest annual projection in Reuters polls since 2012.

The surge in gold prices reflects mounting geopolitical tensions, strong central bank purchases, and ongoing concerns over the stability of global economic and financial systems. David Russell, CEO of precious metals dealer GoldCore, noted, "Institutions that have supported global stability for decades are being tested in ways not seen in a generation."

 Key Drivers Behind Gold’s Rally

Gold rebounded to near $5,100 recently, following its best day in over 17 years, recovering from the metal’s sharpest two-day decline since 1983. Analysts cite geopolitical risks, central bank buying, U.S. debt concerns, trade uncertainties, and de-dollarisation as key factors sustaining the rally. Deutsche Bank analysts emphasized that the rationale for gold allocations remains strong in 2026.

Central Bank Buying and Market Trends

Central banks are expected to continue expanding their gold reserves to diversify away from the U.S. dollar. Despite this, jewellery demand in key Asian markets may decline due to elevated prices, while investment-driven demand is likely to remain robust.

Silver Outlook Also Revised Upwards

Silver forecasts have also been adjusted, with analysts predicting an average price of $79.50 per ounce in 2026, up from $50 in the October poll. Following a record 147% gain in 2025, silver reached $121.64 in January before retreating to $89.70. Analysts warn of continued volatility due to weakening industrial and jewellery demand, as well as easing supply tightness.