Key facts
- 2026 gold price forecast cut to $4,495/oz from $4,509/oz.
- 2027 gold price forecast raised to $4,650 from $4,610.
- Silver forecast for 2027 set at $66.75/oz, down from $70.30.
- Central bank purchases and physical demand from India and China expected to support gold.
Analysts have lowered their 2026 gold price forecast for the second consecutive quarter, citing high Treasury yields, a strong US dollar, and the expectation that interest rates will remain elevated for an extended period. A Reuters survey of 30 analysts and traders indicated a median gold forecast of $4,495 per troy ounce for 2026, a decrease from the $4,509 estimated in the previous poll. The forecast for 2027 was raised to $4,650 from $4,610.
Despite these downward revisions, gold is expected to find support from continued robust central bank purchases and physical demand, particularly from India and China. Analysts believe these purchases signal a focus on risk management. Meanwhile, silver is anticipated to average $66.75 per ounce in 2027, down from this year's forecast of $70.30, due to its exposure to industrial headwinds and cautious investment sentiment.