World Bank: Gold & Silver to Set New Highs in 2026; Rally Likely to Cool in 2027

31 October 2025 | Perth, WA — Gold and silver are on track to set fresh record annual averages in 2025 and push higher again in 2026, before momentum eases in 2027, according to the World Bank’s October Commodity Markets Outlook.

Highlights
• Precious metals have surged on safe-haven demand and continued central-bank buying. The World Bank projects gold +42% in 2025 and +5% in 2026 (annual averages), while silver +34% in 2025 and +8% in 2026.
• Broader commodities are expected to soften, with the Bank forecasting -7% in 2025 and -7% in 2026, taking the overall basket to a six-year low as energy prices ease on an expanding oil glut and slower global growth.
• Market commentary around the report suggests new highs for gold and silver in 2026, with the rally likely to fade in 2027 as macro risks moderate and financial conditions stabilise.

What it means for WA miners
• Elevated USD precious-metal prices through 2026 should continue to support margins, hedging strategies and funding windows for development and expansion.
• Explorers can expect improved conditions for equity and JV funding into 2026; capital discipline remains key as input-cost volatility persists.
• Producers may consider using 2026 strength to firm up margins (hedging/offtake) while planning for price normalisation into 2027.
• Key swing factors: geopolitics (which could extend safe-haven flows), the path of real rates, OPEC+ supply policy, and the pace of EV adoption impacting energy markets.

Risks & Watch-items
• Upside: renewed geopolitical shocks, stickier inflation or deeper financial-system stress could prolong the precious-metals bid.
• Downside: faster-than-expected disinflation, a firmer USD, or an accelerated improvement in global growth could cool investment demand for gold and silver into 2027.
“Image: World Bank, Commodity Markets Outlook — October 2025. Licensed CC BY 3.0 IGO.