Emre Yumlu 
Gold and silver were among the standout performers in global markets throughout 2025, benefiting from rising geopolitical tensions, shifting monetary expectations and renewed interest from institutional buyers. With both metals delivering exceptional gains this year, investors are now turning their attention to what 2026 may bring. Current forecasts suggest that the upward momentum may not be over yet.
Gold: Major Banks Point to Further Upside
Gold’s strong appreciation in 2025 was driven by tightening supply conditions and sustained uncertainty across global economies. As markets look ahead, major financial institutions continue to project ambitious targets for the coming year.
Bank of America expects gold to reach 5,000 dollars per ounce in 2026, arguing that two main dynamics remain supportive. First, despite its extended technical rally, gold is still considered underowned relative to historical norms. Second, the United States is pursuing unusually flexible economic policies that continue to bolster safe-haven demand.
Deutsche Bank has also adjusted its long-term outlook, raising its average 2026 price forecast from 4,000 to 4,450 dollars per ounce. According to the bank, strong global demand—both from investors and central banks—provides a solid foundation for elevated price levels.
Another significant development shaping the gold market is the rapid expansion of Tether’s physical gold holdings. With roughly 116 tons of bullion, the company is now the largest independent gold holder outside central banks. Reports indicate that Tether purchased more gold in the last quarter than many nations, tightening physical supply and contributing to market strength. Such trends support expectations that gold could maintain its upward trajectory into 2026.
Silver: Tightening Supply and Accelerating Momentum
Silver has also experienced a remarkable run, with supply-side pressures becoming increasingly evident. Inventories in Chinese warehouses have fallen to their lowest levels in a decade, highlighting persistent shortages. At the same time, shipments of physical silver from China to London have raised concerns about global liquidity and availability.
Analysts from several major banks point to growing upside risks for silver as 2026 approaches. Industrial demand remains a powerful driver, especially in sectors such as renewable energy, electric vehicles and high-tech manufacturing—areas where silver plays a critical role.
In fact, silver reached 58 dollars per ounce for the first time, marking a 100% gain in 2025. This exceptional performance has strengthened expectations that the metal could extend its rally, particularly if supply constraints deepen and industrial consumption remains elevated.
Both gold and silver enter 2026 with strong momentum and supportive structural factors. While markets remain sensitive to shifts in economic policy and global risk sentiment, the current landscape suggests that precious metals may continue to play a central role in investor portfolios in the year ahead.
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