Metals Focus, a precious-metals consultancy, expects gold to average $5,330 an ounce in 2027, about 22% above current levels, supported by persistent inflationary pressures, a widening U.S. fiscal deficit, policy uncertainty and investors' shift toward alternatives to traditional dollar-denominated assets.
Gold Between Record Levels and Monetary Pressures
The company said in its annual report that the possibility of the Federal Reserve continuing to tighten monetary policy to combat inflation, which remains above its target, could weigh on gold prices in the near term.
Spot gold hit a record $5,594.82 an ounce in late January, before falling about 25% since then as energy prices rose and the Federal Reserve tightened monetary policy. Prices are currently trading near $4,152.27 an ounce.
Investor Interest Supports Silver Outlook
Metals Focus expects silver prices to rise over the next 12 to 18 months, benefiting from the same macroeconomic factors supporting gold. It said renewed investor interest, rather than a shortage of physical supply, would be the main driver of gains.
The company expects the average silver price to exceed $90 an ounce in the fourth quarter of 2027, compared with $70 in the fourth quarter of 2026.
Platinum Deficit and Weak Automotive Demand for Palladium
The company expects platinum to remain supported by a persistent market deficit despite easing tightness in physical supply, with the metal averaging $2,060 an ounce in 2027 as the market records an annual deficit for the fifth consecutive year.
Metals Focus expects palladium to average $1,330 an ounce in 2027, amid weak demand from the automotive sector, improved mine supplies and increased recycling volumes.
