Analyst: Gold and silver may reach $5,000 and $90 respectively by 2026
According to Odaily, spot gold on Friday once reached a record high of $4,530.6 per ounce, while spot silver hit a historical high of $75.14 per ounce. Kelvin Wong, Senior Market Analyst at OANDA, stated that since early December, momentum-driven and speculative traders have been driving up gold and silver prices. Thin year-end liquidity, expectations of prolonged Federal Reserve rate cuts, a weakening US dollar, and surging geopolitical risks have collectively pushed precious metals to new record highs. In the first half of next year, gold may move toward the $5,000 per ounce level, while silver has the potential to reach around $90 per ounce. In addition, platinum and palladium have soared due to tight supply, tariff uncertainties, and a rotation in gold investment demand. So far this year, platinum has risen by about 165%, and palladium by over 90%. Jigar Trivedi, Senior Research Analyst at Reliance Securities, noted that platinum is supported by strong industrial demand, and US stockists have been restocking amid concerns over sanctions, which has helped maintain high prices. (Golden Ten Data)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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