Gold prices currently increased by 29 USD to 4,347 USD an ounce. Meanwhile, silver prices increased by 1,1 USD to 72,6 USD.
The market recovered after sharp declines at the end of last year, as investors sold to take profits after a booming year for precious metals. Another reason is that CME Group – a major derivatives exchange operator – earlier this week raised margin requirements for gold futures contracts for the second time in just one week. Such moves often put downward pressure on prices in the short term.
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Global gold prices rose again in the first session of the year. Chart: Kitco
On Kitco, analyst Jim Wyckoff noted that the 2/1 trading session could be the most important for the upward momentum of gold and silver. The closing price of this session will likely shape the trading trend and price trajectory of both metals in the coming weeks.
Last year, gold prices increased by 66%, while silver prices increased by 161%. Silver was supported by the US recognizing it as an essential mineral, along with supply chain shortages and increased industrial and investment demand.
Meanwhile, gold serves as a safe-haven asset during times of instability. Last year, precious metal prices saw their strongest increase since 1979, primarily due to falling interest rates in many places, geopolitical instability, and strong buying by central banks and exchange-traded funds (ETFs).
The year 2026 is predicted to continue to experience many fluctuations in the global economy and politics. Key factors range from the Russia-Ukraine conflict, US-Venezuela tensions, and the Israel-Iran conflict, to the US Federal Reserve (Fed) changing its Chairman – an element that most strongly impacts the US dollar. Investors are currently betting that the Fed will maintain interest rates at its January meeting.
This year, global precious metal prices are forecast to continue rising. Goldman Sachs expects gold prices to reach 4,900 USD an ounce by year-end. The World Gold Council (WGC) projects prices to increase by an additional 15-30% from current levels. In the same period, silver prices could reach 100 USD an ounce.
Ha Thu (according to Reuters, Kitco)
