Overview
- Spot gold traded near $5,050 per ounce and silver hovered around $90 as the two-day rebound extended following last week’s plunge.
- Indian markets mirrored the upswing, with silver near Rs 2.98 lakh per kg and gold around Rs 1.65 lakh per 10 grams, according to the All India Sarafa Association and MCX readings.
- Forecasts were raised or reaffirmed, with J.P. Morgan targeting $6,300 by late 2026, Deutsche Bank holding a $6,000 call, a Reuters poll medians at $4,746.50, and Goldman at $5,400.
- Banks link higher targets to structural drivers such as robust official-sector purchases, with models projecting around 800 tonnes of central‑bank buying in 2026, alongside de‑dollarisation and geopolitical risk.
- The late‑January rout was amplified by higher CME margins, forced liquidations, and shifting Fed expectations tied to Kevin Warsh’s nomination, and strategists warn that similar volatility—especially in silver—could persist even as the longer‑term bull case remains intact.