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New Delhi: After an extraordinary year for precious metals, market analysts predict a period of consolidation for gold before it begins its next bullish phase. Silver, however, is expected to deliver stronger gains in 2026, potentially outperforming gold as investors turn their focus toward industrial demand and green energy momentum.
Gold prices have seen a massive rally over the past year, hitting record highs driven by global geopolitical tensions, a weakening US dollar, and heavy central bank buying. Silver, which is both a precious and industrial metal, has surged even more sharply, buoyed by robust demand from the solar and electric vehicle sectors.
🔍 Gold: Consolidation Phase Before Next Surge
Kunal Shah, Vice President and Head of Commodities Research at Nirmal Bang Commodities, believes that gold has already factored in all key bullish triggers. According to him, “Gold is likely to consolidate in the near term. The price could cool down to around $4,000 per ounce before resuming its upward trajectory. Investors should expect moderate gains of 10–12% from current levels by next Diwali, with $4,550 per ounce as the upper limit.”
Echoing this sentiment, Ole Hansen, Head of Commodity Strategy at Saxo Bank, said, “The Diwali demand spike is now behind us. A correction of $200–$400 is healthy for the market.” However, Hansen remains bullish for 2026, projecting gold could surge toward $5,000 an ounce due to persistent macro risks, debt stress in the US, and rising central bank purchases.
Peter McGuire, CEO of Trading.com, warned that global stock market instability could push investors back into gold as a safe haven. He expects “dynamic price action” in the coming months due to anticipated interest rate cuts, geopolitical developments, and the ongoing US fiscal standoff.
🌟 Silver May Outshine Gold in 2026
While gold stabilizes, silver is expected to lead the next rally cycle. Silver has already touched historical highs around $50 per ounce internationally, and analysts see further upside.
According to Hansen, “Silver has the potential to outperform gold in 2026. If gold approaches $5,000 per ounce next year, silver could accelerate toward $65 per ounce.” In rupee terms, this could push MCX silver prices above ₹1 lakh per kg.
Silver’s dual nature—as both a precious hedge asset and a key industrial metal—makes it uniquely positioned to benefit from the global clean energy transition. Demand from solar module manufacturing, electric vehicles, and semiconductor applications is expected to surge, tightening supply.
📈 Broader Commodities Show Strong Momentum
The broader commodity market has seen significant appreciation this year:
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Gold up 60%
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Silver up 80%
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Platinum up 85%
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Base metals such as copper, aluminium, zinc, and palladium have also rallied sharply
Analysts say this reflects a global investor shift toward hard assets amid rising inflation risks, geopolitical instability, and weakening fiat currencies.
However, experts caution that after such a rapid run-up, consolidation is a natural phase. Many commodities witnessed profit-taking during Mahurat trading, signaling a temporary slowdown before the next upward movement.
🛡️ Investor Outlook
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Short Term (3–6 months): Gold may remain range-bound as investors book profits.
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Medium to Long Term (2026): Gold expected to resume ascent; silver likely to outperform.
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Key Drivers: US interest rate cuts, geopolitical risks, global economic slowdown, central bank gold buying, and industrial demand for silver.
Financial advisors recommend systematic investment strategies rather than lump-sum buying, especially during periods of consolidation.
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