Gold and silver start 2026 with gains; Analysts warn of short-term volatility

Precious metals started the new year higher, building on their best annual performance in decades.

• Gold rose 1.3% to $4,375 per ounce.
• Silver gained 2.5% to $73.45.

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The rally follows a record-breaking 2025, driven by Federal Reserve rate cuts and geopolitical demand. However, analysts at TD Securities warn that index rebalancing could force the sale of 13% of market positions in silver, risking a near-term price drop. Major banks remain bullish long-term, with Goldman Sachs forecasting a rise to $4,900 for gold.

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