Precious metals gold and silver have both hit another price record for the second time this week, surpassing past US$5,530 ($7,846) and US$119 an ounce, respectively.
These new all-time highs come amid continued weakness in the US dollar and heightened economic and geopolitical uncertainty.
According to ABC Bullion, gold has delivered a 27% increase year-to-date return despite only being in the first month of 2026. Meanwhile, silver has achieved a staggering 65% return year-to-date, far outpacing major commodities and equities.
The gold-to-silver ratio has fallen sharply from last year’s historically elevated levels, retracing toward a 14-year low of 54:1, highlighting silver’s “significant” relative outperformance, as reported by ABC Bullion.
As reported by Mining.com.au, gold’s price rose to US$5,090 earlier this week, surpassing JP Morgan’s prediction that the price would reach US$5,000 per ounce by the end of 2026. Meanwhile, silver touched US$108 an ounce, spurring robust retail demand in China and India with investors turning to 1kg silver bars.
JP Morgan Global research had forecasted gold to average around US$5,055 an ounce towards the end of 2026 and rise to at least US$5,400 an ounce by the end of 2027, as previously reported.
According to the Department of Industry, Science and Resources (DISR), gold investment demand, particularly by exchange traded funds, has been high for the past three quarters and is driving demand growth.
Central bank buying remains high by historical standards at around 200 tonnes per year, while jewellery consumption has fallen across all regions, with lightweight and less frequent purchasing driven by price sensitivity.
Over the past month, silver’s price has risen 55.37% and is up 274.35% compared to the same time last year, as reported by Trading Economics. Gold’s price has risen 27.46% over the past month, and is up 97.76% compared to the same time last year.
Write to Aaliyah Rogan at Mining.com.au
Images: ABC Bullion
