Gold Near $5,000, Silver Breaks $100 as Precious Metals Rally Extends Into 2026
Gold traded just below $5,000 per ounce while silver surpassed $100 for the first time, extending a historic precious metals rally into early 2026 amid geopolitical risk, central bank buying, and tightening physical supply.
Prices consolidate after historic 2025 surge as banks forecast more modest gains ahead
ScrapMonster Market Analysis
Published January 25, 2026
Gold hovered just below the $5,000-per-ounce mark on Friday while silver traded above $100 for the first time, extending a historic rally that reshaped precious metals markets in 2025 and set the tone for a more volatile, but structurally supported, 2026.
Gold prices were last trading near $4,960 per ounce, following a 65–67% surge in 2025, while silver touched $103.08 earlier this week, marking a gain of more than 250% since the start of last year.
The rally, driven by geopolitical risk, central bank diversification, and tightening physical supply in silver, has prompted major financial institutions to raise price targets even as analysts caution that momentum has become increasingly stretched.
Market Snapshot
Gold began 2025 near $2,624 per ounce and ended the year above $4,300, its strongest annual percentage gain since 1979. Silver, starting the year below $30, surged to the low $70s by December before accelerating sharply in January.
Platinum and palladium also posted strong gains last year, rising 137% and 54% respectively, according to ScrapMonster market data.
Analyst Outlook Turns Cautious
While price levels remain historically elevated, banks are signaling a shift from momentum-driven upside to range-bound trading.
Goldman Sachs forecasts gold trading between $4,800 and $5,400 by year-end 2026, while JPMorgan expects an average fourth-quarter price near $5,055. Bank of America sees gold consolidating around $5,000, citing continued central bank demand but slower speculative inflows.
Silver forecasts are more divided, with consensus targets clustering near $100 even as supply constraints persist.
What to Watch
Analysts say the next phase of the rally will hinge on:
Federal Reserve rate policy in the second half of 2026
Central bank gold purchases
Physical silver supply from China and Mexico
Shifts in geopolitical risk premiums
Detailed weekly pricing for precious metals, including secondary and scrap markets, is available via ScrapMonster’s precious metals reports at scrapmonster.com.