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By Suzanne Blake
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In the new year, gold and silver are anticipated to accelerate in price after major upswings in 2025.
Silver started 2025 priced at roughly $30 per ounce before skyrocketing to $70, while gold jumped from $2,600 per ounce to a high of more than $4,300.
Why It Matters
The price of the two metals can reflect larger-scale economic abundance or distress. Inflation, supply issues and geopolitical tension can play a role in the prices of silver and gold. Financial market experts say that rising inflation lends itself to higher gold and silver prices. Inflation in the U.S. is still above the 2 percent target.
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What To Know
Swiss bank UBS anticipates that gold could increase as high as $5,400 under great U.S. political and economic tension.
“First, a supercharged geopolitical and geoeconomic environment, and also a generalized weakness in the U.S. dollar and marginally lower interest rates,” World Gold Council Global Head of Research Juan Carlos Artigas told KITCO News. “If we combine these two things with the positive price momentum, then investment demand has been particularly supporting performance.”
The key exception would be if the Federal Reserve implements a rate hike in 2026. That could result in gold and silver prices declining.
“But if we start to see a shallow slip into the U.S. economy, which would prompt the Fed to cut rates and the dollar to further weaken, this could support gold prices,” Artigas said. “Now, depending on the speed and the magnitude of those rate cuts by the Fed, gold prices may increase anywhere from 5 [percent] to 15 percent. But if economic conditions deteriorate significantly more–whether it is because there's worsening geoeconomic conditions or because of the aftermath of some of the current economic policies–then we could see investment demand significantly increase.”
Kevin Thompson, the CEO of 9i Capital Group, said he predicts gold and silver prices to move higher “largely because governments—not just in the U.S., but globally—are running massive and persistent deficits.”
“These metals are finite in nature and have long been viewed as inflation hedges," he told Newsweek. "As currencies continue to be debased, particularly the U.S. dollar, I expect gold and silver to remain a natural counterbalance to that depreciation.”
Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek that 2025 was one of the strongest years for gold and silver since the late 1970s.
“As economic uncertainty persisted throughout the year, many investors rallied around the two as safe havens,” he said. “It seems unlikely that gold and silver could replicate the 60 percent and 150 percent jumps, respectively, in 2026, but continued increases hinge on both policy and broader economic growth.”
What People Are Saying
Kevin Thompson, the CEO of 9i Capital Group, told Newsweek: “For much of the past decade, inflation-adjusted returns for both gold and silver were relatively muted. That has changed. Gold has now broken through its prior inflation-adjusted highs, while silver still lags significantly needing to move into the $170-$200 per-ounce range to do the same.”
Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: “If the Supreme Court rules against the current tariff implementation, the decision could trigger a return to other investments. Similarly, if growth in businesses both domestic and international is better than expected, those results would make gold and silver less attractive. However, if some of the economic chaos of 2025 persists in the new year, gold and silver could continue to surge.”
What Happens Next
As gold and silver continue to escalate in price, Thompson said there are looming implications for global debt.
“The broader takeaway isn’t bullish, it’s sobering,” he said. “Sustained global deficits are beginning to matter again. A country can only run debt levels north of 100 percent of GDP for so long before inflation meaningfully reasserts itself. Many nations are now facing that reality, and higher prices are likely to persist. Historically, that environment has often led to economic strain, social pressure and, in some cases, civil unrest.”
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