This year, the precious metals market has been booming. Spot gold has increased by over 70% this year, reaching a historic high of $4,549.96 per ounce at one point, setting more than 50 new highs throughout the year. Even more impressive is silver — with a surge of over 170%, approaching $83 per ounce, marking the most remarkable performance in over a decade. Platinum also performed strongly, with an increase of over 150% this year, reaching $2,478 per ounce. Palladium, while relatively stable, also achieved a 100% growth, with a new high of $1,983 per ounce this year.

Will this trend continue into 2026? Wall Street insiders are generally optimistic. Morgan Stanley believes that retail investment enthusiasm and increased central bank purchasing power will support gold prices, with a target of $4,800 in Q4. Goldman Sachs is even more aggressive, directly stating that gold will be the best commodity investment next year, with a Q4 target of $4,900. Standard Chartered Bank positions gold as a safe-haven asset in a fragmented world, with a year-end target of $5,000.

Citibank and Bank of America have slightly different logic — Citibank worries that improved US economic growth expectations might weaken the upward momentum of gold prices, but still sets a target of $5,000. Bank of America has calculated that as long as investment demand grows by 14% (the average over the past few quarters), gold prices could reach $5,000 in 2026. JPMorgan approaches from the demand side, believing that current gold demand is sufficient to drive prices beyond $5,000, and with increased foreign holdings, the potential is even greater.