Market experts are forecasting gold prices to approach $5,000 per ounce by next year, a significant upward revision that reflects surging investor demand and a market playing catch-up after consistently underestimating the metal's rally. The new projection emerged from a survey at the 2025 London Bullion Market Association (LBMA) Global Precious Metals Conference.
Delegates at the influential industry event now anticipate gold will reach $4,980.30 an ounce, representing a potential 25% gain from its current trading levels. This bullish sentiment extends to other precious metals, with strong forecasts also issued for silver and platinum.
Key Takeaways
- LBMA conference delegates forecast gold prices will reach $4,980.30 per ounce by this time next year, a 25% increase.
- Platinum is projected to be a strong performer, with a price target of $1,815.50, up 14% from current levels.
- Silver is also expected to see significant gains, with a forecast of $59.10 per ounce, a 25% rise.
- The optimistic forecasts follow a year where analysts significantly underestimated the strength of precious metals, particularly gold and platinum.
Gold Forecasts Scramble to Keep Pace
The latest price target for gold highlights a dramatic shift in market sentiment. This year's forecast of nearly $5,000 stands in stark contrast to the prediction from last year's conference, where delegates anticipated gold would be trading around $2,941 an ounce. The actual market performance has far exceeded those expectations, with prices currently more than a third higher than that 2024 projection.
This year has been remarkable for gold, which has posted its best annual gains since 1979, with prices up more than 50%. The recent momentum saw the metal climb to record highs above $4,360 an ounce before a wave of selling pressure pushed it back below the $4,000 mark. Despite the pullback, the long-term outlook from industry leaders remains exceptionally strong.
The survey revealed that 40% of conference participants expect gold to be the top-performing asset among precious metals through 2026, underscoring a widespread belief in its continued strength.
Surging Investor Demand Fuels Rally
The primary driver behind gold's powerful performance and the aggressive upward revisions in forecasts is a significant surge in investment demand. This trend was a key topic of discussion among industry leaders at the conference.
Wayne Gordon, Managing Director and Chief Investment Officer at UBS, provided a clear picture of this trend during a panel discussion. He noted a dramatic increase in client participation in the gold market.
"Gold holdings in client portfolios have doubled this year, with the number of clients investing in gold tripling," Gordon stated.
He admitted that even his firm, which entered the year with an aggressive stance, was caught off guard by the sheer scale of the rally. "I think we've had to upgrade, if I'm honest with myself, probably six times this year — and we came into the year thinking we were pretty aggressive," he added.
Context: A Year of Underestimation
The consistent underestimation of the precious metals rally has been a recurring theme. Last year, many analysts expected silver to lead the market. However, few predicted the explosive performance of platinum, which has become one of the year's standout assets. This history of conservative forecasts makes the new, much higher targets from the LBMA particularly noteworthy.
Platinum and Silver Also Poised for Gains
While gold captured much of the attention, the positive sentiment at the LBMA conference was not limited to the yellow metal. Platinum and silver are also expected to post strong returns over the next year, though opinions are divided on which will perform best.
Platinum's Unexpected Surge
Platinum has been the surprise leader in the precious metals space this year, with its price soaring more than 93% year-to-date. It last traded at $1,591 an ounce, outpacing both gold's 50% gain and silver's 61% rise.
Precious Metals Performance (Year-to-Date)
- Platinum: +93%
- Silver: +61%
- Gold: +50%
Looking ahead, 30% of LBMA delegates believe platinum will continue its upward momentum and remain the best-performing asset. The consensus forecast projects platinum prices will rise another 14% to reach $1,815.50 per ounce by this time next year.
A Strong Outlook for Silver
Silver, which has already seen a 61% increase this year to trade at $47.14 an ounce, is also expected to continue its climb. According to the survey, 21% of delegates have picked silver as their top performer for the coming year.
The collective forecast calls for silver prices to rise by 25%, mirroring the expected percentage gain for gold. The specific price target for silver is $59.10 per ounce by the time of the 2026 conference. This suggests that while platinum has been the recent star, many experts see significant continued upside for both gold and silver as investment demand remains robust across the sector.
