A Reuters poll of 40 analysts and traders projects that gold prices will remain historically high as investors continue to seek safety amid global trade tensions and rising U.S. debt. The median forecast in the survey places gold at about $3,220 per ounce in 2025 and $3,400 per ounce in 2026, a notable upward revision from earlier estimates.
Spot gold has risen roughly 27% so far this year and briefly touched $3,500 per ounce in April when U.S.–China trade hostilities intensified. Some analysts interpret the rally as a market signal reflecting fiscal and geopolitical worries. For example, David Russell of GoldCore has said that persistent U.S. debt concerns could push gold toward $4,000 per ounce by late 2026.
Several factors are supporting the advance in gold prices. Strong central bank demand, particularly from China, has helped absorb supply and lift prices. At the same time, broader investor efforts to diversify away from the U.S. dollar as a core reserve asset have increased allocations to precious metals, reinforcing the rally.
Silver has also seen substantial gains alongside gold. The metal is up about 32% year to date and is benefiting from both investment flows and industrial demand. The Reuters poll forecasts that silver will average about $34.50 per ounce in 2025 and around $38 per ounce in 2026.
Market participants cite a mix of macroeconomic and geopolitical drivers for their forecasts. Ongoing trade frictions and uncertainty over fiscal trajectories in major economies tend to boost safe-haven demand for bullion. Meanwhile, sustained buying by official sector holders and private investors reduces available supply on the market, adding upward pressure to prices.
Analysts note that gold’s role as a store of value often becomes more pronounced when policy uncertainty or elevated sovereign debt raises concerns about currency stability and inflation. That dynamic, together with constraints on mined supply and higher demand from central banks, contributes to the consensus that prices could remain elevated over the coming two years.
While forecasts vary among respondents, the collective view from the Reuters poll points to a stronger outlook for precious metals compared with earlier projections. Traders and analysts emphasize that shifts in trade relations, fiscal policy, and central bank behavior will be key variables to watch as they influence the pace and extent of further price moves in both gold and silver.