Gold suddenly loses. Analysts see record levels

Gold price 2026 came into the focus of investors’ attention after reports regarding the possible end of military operations involving Iran, the US and Israel. Information about the proposal sent by Iran via Pakistan should theoretically support market sentiment, but investors’ reaction turned out to be cautious.

Most stock exchanges see increases on Monday, but apart from the markets of South Korea and Japan, they do not exceed 0.4%. The European Euro Stoxx 50 index is growing by 0.3%, while gold in futures contracts is losing 0.5%. and costs $4,716. per ounce.

Gold price 2026 and new forecasts

The drop in gold prices occurs despite improved forecasts prepared by analysts. A Reuters survey of 31 analysts and traders shows that the median gold price forecast for 2026 is $4,916. per troy ounce.

This is the highest annual forecast in Reuters polls dating back to 2012. The previous study indicated a level of $4,746, which means an increase in expectations by 3.6%.

Gold price 2026 and the impact of war

According to Rhona O’Connell from StoneX, quoted by Reuters, a peaceful end to the war could favor price increases, and some factors may still stabilize the market. At the same time, the analyst estimated that the level of $5,500 it was too high before and will probably stay that way again.

Gold is also influenced by monetary policy. Its role as protection against inflation is weakened by expectations for a more hawkish response to rising energy prices. Higher interest rates usually do not favor bullion that does not generate current income.

Gold price 2026 supported by central banks

Analysts, however, indicate that many factors may still work in gold’s favor. These include large purchases by central banks, growing US debt and currency devaluation.

Independent analyst Ross Norman said that the incentive for central banks to buy gold is probably stronger than ever. Events in the Middle East further reinforce the sense of risk associated with dollar assets.

Gold price 2026 and forecasts for silver

The forecasts for silver look different. A month earlier, analysts predicted a level of $79.50, while the current median forecast has dropped to $78.

According to analysts surveyed by Reuters, silver’s attack to the level of $100 is still possible, but only after the end of the war. In the case of this metal, industrial demand is of great importance, which is why economic growth remains one of the key factors influencing the price.