Gold on Track for Record Highs as Silver Soars

Philip Newman, Managing Director at Metals Focus, a London-based precious metals research firm, expects gold to reach $2,600 per ounce by the end of this year. This prediction comes as gold has held firm near $2,500 an ounce through August.

Newman points to weaker US economic data and scaled-back expectations for a Federal Reserve interest rate increase this year as key drivers supporting gold prices. He also flags the return of tariff tensions between the US and Canada and uncertainty ahead of the US midterm elections as factors likely to pressure the dollar, in turn supporting gold.

Regarding silver, Newman is even more bullish, calling for a high around $90 per ounce by year-end, with a move into triple digits possible by 2027. He attributes this potential surge to continued central bank purchases and exchange-traded fund (ETF) buying, which have been the main pillars behind gold's rally over the past eight to twelve months.