Spot gold climbed above $5,000 per ounce for the first time, while spot silver surged to $107 per ounce, sending both metals to fresh record highs. Precious metals have been rallying since the start of 2026, and the latest move pushed silver’s intraday gain to 3.6%. Its rise for the month has now exceeded $35.
The pace of gold’s advance stands out. Gold first moved above $4,000 per ounce on Oct. 8, 2025, and it reached $5,000 only a little more than 100 days later, a gain of 25%. The previous move from $3,000 to $4,000 took nearly a year. This leg has been much faster.
Bank forecasts move higher, but caution remains
Views on whether gold can stay above $5,000 are split. Goldman Sachs expects gold to reach $5,400 by December 2026. Citi raised its three-month target to $5,000 this month. JPMorgan said average gold prices could reach $5,055 per ounce in the fourth quarter of 2026.
HSBC chief precious metals analyst James Steel said the rally is no longer driven only by expectations of easier monetary policy. In his view, geopolitical risk and fiscal deterioration have become part of the mix. Some analysts are still warning that an unexpected hawkish turn from the Federal Reserve, combined with a sharp rise in real yields, could weaken gold. After a run of record highs, profit-taking is also a live risk.
Silver outpaces gold as industrial demand tightens supply
Silver has been even stronger than gold. According to the source material, silver rose 150% in 2025 and added another 24% so far in early 2026. The move to $107 per ounce also pushed the gold-to-silver ratio lower.
Analysts cited more than safe-haven demand. They pointed to structural growth in industrial consumption, with solar, electric vehicles, and AI data centers using more than 200 million ounces of silver each year. Global supply has been in deficit for a fourth straight year, tightening the market and supporting prices.
Safe-haven flows return to metals while Bitcoin is sidelined
Market watchers said demand for defensive assets has strengthened since the start of 2026. Geopolitical tensions, wider fiscal deficits, and an ongoing de-dollarization trend have all supported gold and silver, reinforcing their role in risk-off positioning.
The source also said Bitcoin has been largely absent from this safe-haven narrative and posted a negative return in 2025, pushing some investors toward precious metals instead. UBS expects global central bank net purchases to rise to 950 tons in 2026, suggesting official-sector demand for gold remains firm. For retail investors, buying at record highs still carries obvious risk.