Macquarie Raises 2026 Gold and Silver Price Forecasts

Macquarie Announces Updated 2026 Precious Metals Forecast

Macquarie has significantly increased its 2026 price forecasts for gold and silver. The bank now projects the average gold price for 2026 to be $4,323 per ounce and the average silver price to be $62, citing extreme market volatility and recent geopolitical events as primary drivers for the revision.

Market Context and Key Drivers

The updated outlook stems from what Macquarie strategist Peter Taylor described as an unusually turbulent market. Key events in January, including concerns surrounding the Fed chair, international political arrests, and rising military tensions around Iran, have created a disconnect between market fundamentals and price action. This environment has contributed to strong performance across the commodities complex.

Impact on Price Targets

The forecast for first-quarter 2026 gold has been raised to $4,590 per ounce from $4,300. For silver, the first-quarter 2026 target saw a substantial increase to $75 from a previous $55. This upward revision reflects a market where sentiment and geopolitical risk are currently outweighing traditional economic indicators, signaling continued volatility for investors.

Summary and Outlook

While Macquarie has adjusted its 2026 targets, the bank is waiting to revise longer-term expectations. The ongoing disconnect between market fundamentals and the extreme volatility in the precious metals sector suggests continued uncertainty. Investors should monitor geopolitical developments closely as they remain a key influence on gold and silver prices.

FAQ

Q: What is Macquarie's new full-year 2026 forecast for gold?
A: The bank lifted its full-year 2026 average gold price forecast to $4,323 per ounce.

Q: What is the new 2026 forecast for silver?
A: The average 2026 price for silver is now projected to be $62, up from a previous forecast of $57.

Q: Why were the price targets for gold and silver increased?
A: The targets were increased due to extreme market volatility and a series of significant geopolitical events that have disconnected prices from traditional fundamentals.

Source: Investing.com