Gold & Silver Hit New Records in 2026: Outlook & Forecasts
Gold and Silver Hit New Records: Outlook for 2026
Gold and silver continue a strong upward trend, setting new all-time highs amid global economic and geopolitical uncertainty. Following the U.S. Federal Reserve’s decision to keep interest rates unchanged, a weaker U.S. dollar index, and persistent inflationary pressures, demand for precious metals has increased significantly.
As of January 29, 2026, both gold and silver are posting record levels, reinforcing their status as key safe-haven assets for investors.
Current Gold and Silver Prices as of January 29, 2026
- Spot gold climbed to $5,598 per ounce and is trading near $5,558 after a correction.
- Gold price per gram reached a record 7,767 Turkish lira and is currently around 7,763 TRY.
- Silver also set a new historical high, reaching $119.42 per ounce.
Fed Decision and Its Impact on the Gold Market
The U.S. Federal Reserve concluded its latest meeting by keeping the key interest rate unchanged at 3.50–3.75%, fully in line with market expectations.
"In its official statement, the Fed emphasized that U.S. inflation remains above the 2% target. This reinforced expectations of continued accommodative monetary policy and provided additional support for rising gold prices."
Geopolitics Boost Demand for Safe-Haven Assets
Ongoing geopolitical tensions continue to strongly support precious metals markets. Investor attention was further drawn by statements from U.S. President Donald Trump on the need for a new nuclear agreement with Iran, as well as increased U.S. military activity in the region.
Key Driver: Against this backdrop, investors are actively seeking reliable capital-preservation instruments, driving further inflows into gold and silver.
“The Price per Gram Could Reach 10,000 TRY by Year-End”
“We cannot predict where gold prices will stop. We have even abandoned forecasts made just 20 days ago,” said gold and money markets expert Mehmet Ali Yıldırımtürk in an interview with journalist Gamze Bal from Hürriyet.
He recalled that earlier expectations pointed to 7,000 TRY per gram in April or May and exceeding 9,000 TRY by year-end. According to his current outlook:
- Gold per ounce could reach $6,000 during 2026.
- Gold per gram could rise to 10,000 Turkish lira by the end of the year.
Expert Caution: Yıldırımtürk stressed that all forecasts are temporary: “When prices fluctuate so sharply within just 28 days, it becomes extremely difficult to predict what will happen over the remaining 337 days.”
Will There Be a Correction in Gold Prices?
While a market correction is possible, the expert does not expect a sharp decline. Key uncertainty factors include:
- Unpredictable U.S. foreign policy
- Rising geopolitical risks
- A weakening dollar
- Aggressive gold purchases by central banks
- Violations of international agreements in several regions
Conclusion: In this environment of global instability, investors and individuals continue to view gold as a reliable store of value.
Gold Price Forecasts from Major Banks
According to data reported by Hürriyet journalist Gamze Bal, leading global financial institutions have revised their forecasts:
- Morgan Stanley: Target for the second half of 2026 raised to $5,700 per ounce.
- Société Générale: Expects gold to reach $6,000 per ounce by year-end.
- Goldman Sachs: Raised its December 2026 forecast to $5,400 per ounce.
- Deutsche Bank: Projects gold prices rising to $6,000 per ounce in 2026.
