Gold Price Forecast: $2,600 by Year-End, Silver to Hit $90

Gold prices are expected to continue their upward trend, according to Philip Newman, Managing Director at Metals Focus. He forecasts that gold could reach $2,600 an ounce by year-end and potentially test record highs seen in January. Gold has held firm near $2,500 an ounce through August, despite weaker US economic data, which has led markets to scale back expectations for a Federal Reserve interest rate increase this year.

Newman also pointed to the return of tariff tensions between the US and Canada as another factor that could pressure the dollar and support gold prices. He was even more bullish on silver, predicting it will reach $90 an ounce by the end of 2026, with a move into triple digits possible in 2027.

The rally in gold prices has been driven by central bank purchases and exchange-traded fund (ETF) buying over the past eight to twelve months. Newman expects this trend to continue, although he notes that the total for this year may not top the exceptionally high levels seen in recent years.

Newman was visiting India after attending the India Gold Conference in Goa, where he noted that festival demand has been cautiously optimistic due to decent monsoon conditions and a shift towards buying smaller, lighter pieces of jewelry with lower purity.