LBMA delegates predict gold at $5,000 and silver at $97 in next year

The 2026 London Bullion Market Association (LBMA) Global Precious Metals Conference highlighted a long-term bullish outlook for gold and silver, despite near-term challenges. Delegates forecast gold to reach $5,013.30 per ounce within the next 12 months, a roughly 20% increase from current levels. The current spot price stands at $4,163.30 per ounce. This optimism contrasts with last year’s forecast, which underestimated gold’s potential, predicting a price of $4,980.30 per ounce.

The conference emphasized that traditional headwinds for gold, such as rising bond yields and geopolitical tensions, are becoming more complex. Vikram Dhawan, Head of Commodities at Nippon India Mutual Fund, noted that global debt may be reaching an inflection point, questioning the reliability of government bonds. Central banks are increasingly viewing gold as a diversification tool, with 65% of respondents in UBS Asset Management’s survey identifying it as a key reserve asset.

Silver also received a bullish outlook, with delegates forecasting prices to rise to $94.70 per ounce, a more than 54% gain from the current spot price of $61.23. Despite industrial users reducing consumption due to high prices, structural demand remains robust, particularly in solar technology and AI infrastructure. Physical investment demand has also been resilient, with tight inventories and strong buying earlier this year.

The overall message from the conference was that while volatility is expected due to elevated interest rates and bond yields, structural demand from central banks, sovereign debt concerns, and geopolitical uncertainty will continue to support higher prices for precious metals over the long term.