Gold and silver prices continue to rebound! Will they reach new highs again? Analysts say this
Gold and silver prices continue to rebound, with gold prices rising to $4,193 per ounce and silver prices reaching $54 per ounce on November 28. The market expects an 84.7% probability that the Federal Reserve will cut interest rates by 25 basis points in December. Analysts believe that although the Federal Reserve may lower interest rates, hawkish rhetoric and the easing of geopolitical risks could have negative effects. Deutsche Bank is optimistic about the trends of gold, silver, and platinum in 2026, predicting an average gold price of $4,450 per ounce and an average silver price of $55 per ounce
Investment Insights - The market generally has a positive outlook on gold's performance in 2026, but in the short term, caution is still needed regarding potential hawkish surprises from the Federal Reserve and the impact of diminishing geopolitical risks.
On November 28, gold prices rose to $4,193 per ounce, reaching a two-week high. Silver prices increased to $54 per ounce, nearing historical highs.
From a fundamental perspective, as Federal Reserve officials continue to adopt a dovish stance, market expectations for interest rate cuts are heating up. According to the CME FedWatch Tool, the market currently anticipates an 84.7% probability that the Federal Reserve will cut rates by 25 basis points in December, with three rate cuts expected in 2026.
【Source: CME FedWatch Tool】
Will gold prices reach a new high in December?
Although the Federal Reserve is expected to make a rate cut decision at the December meeting, analysts generally believe that there may be several dissenting votes, and the rate cut decision may be accompanied by hawkish rhetoric from Fed Chair Jerome Powell.
Additionally, if the Russia-Ukraine conflict is resolved, the diminishing geopolitical premium may also bring temporary negative effects.
Roukaya Ibrahim, Chief Commodity Strategist at BCA Research, stated that in this volatile environment, gold is expected to maintain a range-bound oscillation.
However, she added that in the long term, as rate cuts continue next year, gold prices are expected to rise further in 2026.
Deutsche Bank Bullish on Gold, Silver, and Platinum in 2026
Deutsche Bank is also optimistic about gold's performance in 2026. In its latest report, it raised the average gold price forecast for 2026 to $4,450 per ounce, with an annual price range expected to be between $3,950 and $4,950 per ounce.
Deutsche Bank pointed out that due to structural imbalances in supply and demand, along with central bank buying and ETF resonance, the upward cycle for gold is far from over. However, it also cautioned that if the Federal Reserve's easing measures in 2026 are not as aggressive as the market expects, it could have a short-term impact on gold prices.
As for silver, Deutsche Bank believes that the supply and demand for silver and platinum will continue to be in deficit next year, with an average silver price forecast of $55 per ounce in 2026.
[Source: TradingView; Gold price trend in 2025]
