Precious metals collectively break through the ceiling, will they continue to soar in 2026? What do predictions from multiple institutions reveal?

The precious metals market has been heating up since this month. Gold, silver, platinum, and palladium have taken turns hitting new records, and copper prices are also rising along with them. On December 22nd alone, there was the eighth consecutive day of gains, with platinum soaring to $2,097 per ounce (a new high since 2008), and palladium breaking through $1,800 per ounce (the highest since 2023).

A quick look at the gains since the beginning of this year shows how strong the rally has been: gold has increased by 68%, silver surged by 133%, platinum rose by 129%, and copper prices are up 36%. This is not just an anomaly for individual commodities but a collective celebration across precious and industrial metals.

Key Factors Driving This Rally

Why is this happening? Market analysis points to three major drivers.

First is the Federal Reserve’s interest rate cut cycle. By 2025, the Fed has already cut rates three times, and the market expects two more cuts in 2026. Coupled with a weakening dollar, this provides long-term support for precious metals. Second is the escalation of geopolitical risks—sanctions on Venezuela and other factors have increased safe-haven demand, prompting investors to flock to traditional safe assets.

Supply-side tensions are also evident. The silver and copper markets have seen traders stockpile inventories to arbitrage due to concerns over U.S. tariff policies, tightening the global supply landscape. When combined with the macroeconomic factors above, this supply-demand imbalance further amplifies the upward momentum.

What Do Institutions Say About the 2026 Outlook?

Goldman Sachs is the most optimistic. They believe that global central banks will continue to buy gold strongly in 2026, and with the Fed expected to cut rates by another 50 basis points this year, gold could surge to $4,900 per ounce. Bank of America is even more aggressive, directly predicting gold reaching $5,000 per ounce.

The silver forecast is even more ambitious. Michele Schneider, a strategist at MarketGauge, points out that the gold-silver ratio still has significant room to decline, implying silver has further upside potential. They project silver reaching $75 per ounce in 2026 and suggest viewing any pullbacks as buying opportunities. BNP Paribas is more aggressive, predicting silver could hit $100 per ounce by the end of 2026.

Regarding copper, Citibank believes that stockpiling in the U.S. has triggered supply shortages elsewhere, and copper prices are expected to reach an average of $13,000 per ton in Q2 2026.

This round of the metal bull market is the result of multiple factors resonating together—central bank policies, geopolitical risks, and supply dynamics—all pointing in the same direction: precious and industrial metals still have room to rise further.