COMMODITIES OUTLOOK
Metals Focus publishes Precious Metals Investment Focus 2025/26 Metals Focus, a leading precious metals consultancy, announced the publication of Precious Metals Investment Focus 2025/2026, its flagship annual report on investment in gold, silver and platinum group metals.
Highlights of the Precious Metals Investment Focus include: • Gold: Gold prices are expected to continue rising in 2026, with the metal likely to challenge the $5 000 level. Ongoing uncertainty surrounding US trade policy, a weaker dollar, and declining real interest rates are seen as key drivers. Investor demand will be further supported by geopolitical tensions and continued official sector buying, even if below record levels. As a result, the annual average price is forecast to rise by 33% year- on-year (y/y) to around $4 560. • Silver: Silver is set to benefit from many of the same drivers as gold, including policy uncertainty and robust investment demand. Persistent physical tightness in the London market and resilient bar and coin buying, particularly in India, should offer additional support. While gold may regain leadership later in the year as
supply constraints ease, silver is forecast to break above $60 in mid-to-late 2026, with an average annual price of $57. • Platinum: Platinum has rallied over 80% year-to-date, supported by gold’s strength and market tightness linked to trade disruptions and localised stockholding. The market is expected to record a fourth consecutive deficit in 2026, though price action is increasingly driven by investment and liquidity dynamics. The annual average price is forecast to rise 34% y/y to $1 670. • Palladium: Palladium has joined the broader rally, gaining over 70% so far this year. Price strength has been boosted by tariff risks, including a Section 232 probe and anti-dumping petition in the US. A temporary spike to around $2 000 is possible in early 2026, before fundamentals reassert. The annual average price is projected at $1 340, up 20% y/y, amid another, though narrowing, market deficit.
12 MODERN MINING www.modernminingmagazine.co.za | DECEMBER 2025 - JANUARY 2026
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