Overview
- Spot prices in London extended a record streak to a fifth session, with quotes around $4,300 per ounce and intraday highs reported near $4,380.
- The rally has accelerated since early September with gains of about 24%, leaving year‑to‑date increases around 60–65% in 2025.
- HSBC says $5,000 per ounce could be reached next year, while Goldman Sachs recently lifted its December 2026 target to $4,900.
- Jamie Dimon said scenarios of $5,000 to $10,000 are conceivable, adding to bullish commentary as miners’ shares also advanced.
- Analysts warn of sharp pullbacks if rate‑cut expectations or geopolitical risks ease, noting signs of self‑reinforcing momentum alongside strong demand.