Metals Focus expects gold to average $5,330 an ounce in 2027 — about 28% above current levels — with a fresh record high on the way.
That would mark a full recovery from this year’s slide: spot hit an all-time high of $5,594.82 in late January before falling roughly 25% to about $4,152. Silver could average above $90 in the fourth quarter of 2027, platinum $2,060 amid a fifth straight annual supply deficit, while palladium looks softer at $1,330 on weak auto demand.
The bullish case rests on investment demand — persistent inflation, widening US fiscal deficits and policy uncertainty pushing capital into non-dollar hard assets — rather than physical tightness.
The forecast comes from the consultancy’s annual report.
