MKS PAMP is pleased to share its 2026 Precious Metals Outlook & Forecasts, presented by Nicky Shiels, Head of Research & Metals Strategy, which highlights a decisive shift toward a new GeoMacro and debasement-driven regime for precious metals.

Against a backdrop of slower but stable global growth, continued Fed rate cuts, a weaker US dollar and escalating geopolitical fragmentation, precious metals are increasingly behaving as strategic monetary assets rather than cyclical or industrial hedges.

Gold is expected to average $4,500/oz in 2026, with a wide trading range of $3,750–$5,400/oz, reflecting its transition into a multi-year secular portfolio asset amid fiscal dominance risks, geopolitical uncertainty and persistent underinvestment in real assets.

White metals have structurally re-rated higher. Following decisive technical breakouts in late 2025, Silver, Platinum and Palladium have established higher price floors, supported by tight physical markets, strategic stockpiling, tariff-driven dislocations and renewed investor participation.

2026 Base Case Average Price Forecasts

•    Gold: $4,500/oz
•    Silver: $65/oz
•    Platinum: $2,000/oz
•    Palladium: $1,900/oz

While fundamentals such as recycling flows and softer industrial demand may temper price spikes, the dominant macro forces of reflation, debasement and geopolitical risk hedging point to wider ranges and upside skew across the precious metals complex in 2026.

To request access to the full 2026 Precious Metals Outlook chartpack presentation, please click the following link: Request access