The annual price of gold will push past $4,000 per ounce for the first time next year — after the cost of the precious metal reached a record high earlier this month — according to a Reuters poll of experts released Monday.

Some 39 analysts and traders expect gold prices to average $4,275 in 2026, a sharp increase from their forecast of $3,400 in July. 

They also delivered a forecast of $3,400 per troy ounce of gold for this year, up from their prediction of $3,220 three months ago.

The value of gold has spiked more than 50% so far this year, hitting a record high of $4,381.58 this month. The asset is on track to mark its best year since 1979. 

Prices have averaged $3,281 so far this year.

“Gold’s performance in 2025 reflects more than the strength of a rally. It marks an acceptance of a new reality,” said David Russell at GoldCore.

“The market is no longer responding to short-term shocks but to a deeper loss of confidence in policymakers, currencies, and the financial system itself.”

Investors often buy gold as a hedge against inflation and economic uncertainty due to its capacity to hold value while other assets fall.

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Anxiety around President Trump’s tariffs, inflation worries, stubbornly high interest rates, a weaker US dollar, the government shutdown and a slowing labor market have all contributed to gold’s explosive rise this year.

The Federal Reserve also cut interest rates by a quarter point last month and is widely expected to issue another cut this week. 

A lower interest rate typically leads to lower Treasury yields – making gold, which doesn’t pay interest, an even more attractive asset.

Persistent economic uncertainty and central bank buying will likely help gold continue its ascent, along with its new reputation as a key portfolio asset – not a speculative investment.

Despite their bullish predictions, analysts added that they expect the pace of gold’s climb to moderate in 2026.

Analysts also hiked their silver price forecasts to average $38.45 per ounce in 2025 and $50 in 2026, up from their July predictions of $34.52 and $38, respectively. 

Silver has gained about 65% this year and notched an all-time high of $54.47. Limited supply has helped the precious metal soar as there is strong demand for its use in solar technology, electric vehicles and AI data centers.

“Silver continues to see structural supply deficits and this is expected to continue in 2026,” said Zain Vawda, analyst at MarketPulse by OANDA.

“Silver is also uniquely positioned as a ‘higher beta’ play on a bullish metals market, benefiting both from its traditional role as a monetary hedge (like gold) and its crucial industrial applications.”

Silver will also likely remain in demand as investors seek out cheaper alternatives to gold, analysts said.

With Post wires