ANZ predicts that gold prices in 2026 will fluctuate in two distinct phases—rising in the first half of the year before gradually retreating in the second half. Analysts Soni Kumari and Daniel Hynes noted in a report that gold is expected to climb to record highs in the first two quarters, with the peak approaching $4,800 per ounce.
They highlighted that investment inflows and "persistently strong" central bank gold purchases will remain key drivers of demand. However, they cautioned that prices could ease in the latter half of the year as the Federal Reserve's easing cycle nears its end, U.S. tariff policies become clearer, and economic prospects stabilize.
Meanwhile, silver is expected to maintain strong support due to supply shortages, uncertainty around U.S. import policies, robust industrial demand, and steady investment inflows. The report also suggested that the U.S., being a net importer of silver, may exempt the metal from tariffs. If implemented, this could lead to outflows from the U.S., alleviating current supply constraints.
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