Gold prices surged to historic highs in January 2026, climbing past $4,800 per troy ounce as a rally continued from the previous year. Silver also saw significant gains, nearing the $100 mark, driven by strong investment and industrial demand. Platinum likewise hit an all-time high, extending a broad upswing across precious metals.
The yellow metal reached an all-time high of $4,888.48 per troy ounce in January 2026.Gold touched $4,747 per troy ounce on January 20, marking its seventh new daily high in just 13 trading sessions this year.This follows a remarkable 2025, when gold prices consistently rose, surpassing $4,000 per ounce for the first time in October.Gold's price increased by about 65% in 2025, significantly outperforming other assets.As of January 22, 2026, gold traded around $4,795.60 per ounce, showing a 74.10% increase over the past year.[tradingeconomics+4]
Geopolitical Tensions Fuel Gold's Rise
Several factors are pushing gold higher. Ongoing geopolitical uncertainty, including trade disputes between the United States and the European Union over Greenland, along with continued tensions in the Middle East and the war in Ukraine, make gold an attractive safe-haven asset.Investors typically turn to gold during times of global instability to protect their wealth.[investopedia+2]
A weaker U.S. dollar also supports gold prices, making the metal more affordable for international buyers.Central banks around the world are increasing their gold reserves, adding to the demand.This strong demand from both central banks and individual investors helps drive prices up.[investopedia+5]
Analysts expect gold's rally to continue. The London Bullion Market Association (LBMA) 2026 Forecast Survey predicts an average gold price of $4,742 per ounce this year, representing a projected rise of $1,310 across 2026.Analysts expect gold to average 38% above 2025 levels.J.P. Morgan Global Research forecasts an average of $5,055 per ounce by the fourth quarter of 2026, potentially reaching $5,400 per ounce by the end of 2027.Natasha Kaneva, head of Global Commodities Strategy at J.P. Morgan, said, "We expect gold demand to push prices toward $5,000/oz by year-end 2026."[bullionvault+3]
Some forecasts are even more bullish. GlobalData projects gold could reach $6,100 to $6,700 per ounce by the end of 2026, with a possibility of hitting $7,000 per ounce if global risks worsen.Goldman Sachs has a target of $4,900 but sees "significant upside" if more investors move into gold exchange-traded funds (ETFs).Macroeconomic strategist Tom Bradshaw predicts gold could rise to $9,000 per ounce by 2028.The LBMA survey shows a wide range of individual forecasts, from a low of $3,450 to a high of $7,150 per ounce.Julia Du, a commodity strategist at ICBC Standard Bank, holds the most optimistic view at $7,150.[m+5]
Silver's Strong Performance and Future Outlook
Silver also experienced a powerful surge. It reached a new all-time high spot price of $55.51 per ounce on October 14, 2025.By January 20, 2026, silver was fixing in London around $95.60 per troy ounce.In 2025, silver gained over 60% and delivered the strongest returns among major commodities, with global prices rising nearly 149%.It outperformed the S&P 500 by an impressive 132% in 2025.[bullionbypost+4]
The outlook for silver in 2026 remains bullish. The LBMA Survey projects the annual average price of silver to double from 2025, rising to more than $79.50.Analysts in the survey anticipate silver could hit $160.GlobalData expects silver to reach $175 to $220 per ounce by the end of 2026.[bullionvault+2]
Industrial demand heavily influences silver prices. The metal is crucial for the growing artificial intelligence (AI) sector and the green energy transition, including solar panels and electric vehicles.Supply has struggled to keep up with this demand, leading to reported shortages in major markets like London.The silver market is expected to remain in a deficit for the sixth consecutive year in 2026.[bullionbypost+4]
Bank of America believes silver will average around $56 in 2026, potentially peaking at $65.Other analysts are more optimistic, with Robert Kiyosaki suggesting $75 is achievable, and some CNBC analysts even suggesting $100.Peter Schiff, an economist, forecasts silver hitting $100 per ounce by 2026.Alan Hibbard, GoldSilver's Lead Analyst, also expects silver to trade above $100 in 2026.DeVere Group analysts project silver could reach $200 per troy ounce by the end of 2026.An extreme forecast from CoinCodex anticipates silver trading between $90.26 and $912.30, with an average of $379.29 in 2026.[bullionbypost+5]
Platinum Sees Significant Gains
Platinum also reached an all-time high of $2,548.80 per troy ounce in January 2026.On January 22, 2026, its price was around $2,441.30 per ounce, showing a substantial 156.92% increase compared to the same time last year.[tradingeconomics+1]
Analysts expect platinum to continue its strong performance. The LBMA Survey indicates that analysts anticipate platinum could reach highs of over $3,000.Bank of America Securities recently raised its 2026 platinum price forecast to $2,450 per ounce, up from an earlier projection of $1,825 per ounce.Trading Economics forecasts platinum to trade at $2,390.15 per ounce by the end of the first quarter of 2026, and $2,673.66 in 12 months.[lbma+2]
Strong demand for platinum group metals, coupled with market tightness caused by trade disputes and increased imports from China, are key drivers for platinum's ascent.Platinum is widely used in automotive catalytic converters, petroleum refineries, and the chemical and electrical industries.[miningweekly+1]
The ongoing rally in precious metals reflects a market grappling with geopolitical uncertainties, a weakening dollar, and robust demand from both investors and industrial sectors. Analysts widely expect this upward trend to continue, though some warn of potential volatility.
