The World Bank (WB) has forecast new highs for gold and silver prices in 2026. However, experts believe this rally will end in 2027.
WB analysts estimate that gold prices will rise by no more than 5% next year, a sharp contrast to this year's 50% increase.
The average price of gold will be around $3,575 per ounce in 2026, according to the WB's updated commodity forecast. The International Development Organization also expects the average price of silver to be $41 per ounce next year, 7.9% higher than current average prices.
However, the rise in gold and silver prices could end by 2027. The World Bank forecasts the average price of gold to be around $3,375 per ounce, a 5% decrease from 2026. Silver is expected to average around $37 per ounce, a decrease of almost 10%.
"The rally in recent months has been driven largely by investment demand, supported by a combination of geopolitical tensions, macroeconomic concerns, and heightened policy uncertainty, reinforced by a weaker U.S. dollar and recent U.S. monetary policy easing," analysts note. Under these conditions, central banks have been buying gold at an unprecedented rate.
Despite the expected price decline, experts say that in 2026, prices will remain more than 180% above the 2015-2019 average.
The World Bank is even more optimistic regarding silver, as prices continue to stimulate investment and industrial demand. "Silver demand is projected to continue to grow robustly, reflecting its dual role as a safe haven asset and a critical resource for high-growth sectors such as renewable energy and semiconductor manufacturing," the World Bank stated.
On the other hand, analysts warn that easing geopolitical tensions and tight monetary policy could put pressure on safe-haven demand for gold and silver, as well as investment demand.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
