Overview
- February 2026 gold futures pushed above $4,500 per ounce and spot touched $4,500, leaving gold up more than 70% for 2025 and on track for its strongest annual gain since 1979.
- Silver broke to fresh records above $70 per ounce with roughly 140–145% year‑to‑date gains, while platinum climbed past $2,000.
- Analysts cite anticipated U.S. rate cuts in 2026, heavy central‑bank purchases, renewed ETF inflows, and safe‑haven buying linked to U.S.–Venezuela tensions as key drivers.
- Goldman Sachs projects an average gold price of $4,900 in 2026, and the World Gold Council says prices could rise another 5%–15%, though analysts warn of sharp volatility after October’s correction.
- European investors have seen slimmer returns due to dollar weakness, and strong industrial demand—especially from photovoltaic manufacturing—has reinforced silver’s rally.