Metals Focus Publishes Precious Metals Investment Focus 2026/2027

Metals Focus, a leading precious metals consultancy, has announced the publication of its Precious Metals Investment Focus 2026/2027 report, its flagship annual report on investment in gold, silver, and platinum group metals.

This offers readers comprehensive historical data and a forecast of market movements for 2026 and 2027, alongside overall trends in the precious metals industry.

Highlights of the Precious Metals Investment Focus include:

• Gold: Gold prices are expected to reach fresh all-time highs in 2027. Above target US inflation and the prospect of further Fed rate tightening are expected to remain the near-term headwinds. However, large government deficits, rising debt-servicing costs, and uncertainty surrounding US policy should encourage further diversification away from traditional dollar assets.  Investment demand is expected to be the principal driver of gold prices, which is expected to generate an annual average of $5,330, up 16% year-on-year.
• Silver: Silver price is expected to strengthen over the next 12-18 months, benefiting from many of the same supportive macroeconomic factors as gold. Its relative underperformance since the January peak has improved its value proposition, evidenced by the recent recovery in ETP inflows and futures positioning. With higher prices weighing on jewellery and silverware demand, future gains are expected to be driven primarily by renewed investor interest rather than physical tightness and should see the metal outperforming gold as renewed price momentum encourages investors to rebuild exposure. Our projections see silver averaging $70 in Q4 2026, before rising steadily through 2027 to average above $90 in the final quarter.
• Platinum: After experiencing pronounced volatility in 2026 and a record high of $2,923 in January, platinum prices have remained above 2025 levels. Prices are expected to average $1,930 in 2026, up 51% year-on-year, supported by strong investor participation and the recent launch of platinum futures on GFEX. With physical tightness easing, the market remains undersupplied, and as a result, we expect a fifth consecutive deficit in 2027, forecasting an average of $2,060 in 2027, up 7% year-on-year.
• Palladium: Palladium was supported by several factors in 2026 that reinforced its position as a strategic holding. With US mine supply disruption providing further support, Metals Focus forecasts palladium to average $1,440 in 2026, well above 2025 levels. Outlook is expected to soften in 2027, with automotive demand declining, supply improving, and higher PGM prices supporting increased recycling. The average annual price is forecast to average $1,330 in 2027, down 7% year-on-year, remaining well above recent lows. 
• Minor PGMs: Prices have remained firm during 2026. Iridium is forecast to increase 9% year-on-year to $8,100 due to a widening market deficit and falling above-ground stocks. Ruthenium prices are expected to remain stable in 2027, averaging $1,570 compared with $1,580 in 2026. Rhodium is forecast to decline by 17% year-on-year to $7,500 in 2027 as both mine and secondary supplies increase.

Extract from the report:

Last year’s Precious Metals Investment Focus opened suggesting that 2025 had been a “remarkable” year for precious metals up to that point. However, the price performance and investor activity that prompted that comment paled in comparison to what emerged during the period that followed.

Prices across the four most liquid precious metals enjoyed exceptionally strong gains from early October and through to their late January peaks. On a “trough-to-peak” basis, gold rose by 47%, and the white metals performed even better. Platinum rose by 96%, palladium by 79% and silver staged the most impressive performance of all, rising by 167% over the period. In doing so, gold, silver and platinum all hit new records. Minor PGMs also strengthened, though their peaks came later in Q1.26.

Strong investor flows were the clear driver of the rallies seen across the key four precious metals. In turn, these were fuelled by an extremely positive macroeconomic and policy backdrop towards the sector. Among these, US monetary policy expectations stood out. The consensus in the last few months of 2025 and into early 2026 was that there would be several policy rate cuts over the foreseeable future, targeting an end-2026 Fed Funds rate upper bound of 3%.

Concerns about the sustainability of US debt continued to fuel the so-called “debasement trade” which helped the sector. The persistent uncertainty over the US administration’s trade policy also supported safe haven assets. Counter-intuitively, strong equity prices also helped, as they saw investors add to diversifying holdings in gold in particular. Elevated central bank purchases, finally, continued to give comfort to investors that the gold rally was sustainable.

Philip Newman, Managing Director at Metals Focus, commented:

“We are delighted to publish this year’s Precious Metals Investment Focus 2026/2027, which examines investment trends across gold, silver and the PGMs, combining comprehensive historical data with our forecasts for 2026 and 2027.

“Precious metals have experienced an extraordinary period, with strong investor flows driving sharp gains from October 2025 through to late January 2026. The subsequent reversal and consolidation have highlighted the importance of monetary policy expectations, as elevated energy prices and inflation concerns have created a more challenging backdrop for investment.

“Among the PGMs, the outlook is increasingly mixed. Platinum remains supported by a further market deficit, although physical tightness has eased. Palladium faces softer automotive demand and improving supply, bringing its market closer to balance. Prospects for the minor PGMs also differ, with a widening deficit supporting iridium, while increased supply and weaker demand weigh on rhodium.

“Looking ahead, investment demand should emerge as the principal driver of gold, supported by above-target US inflation, large government deficits, and continued uncertainty over US policy. We expect gold to reach fresh all-time highs in 2027 and average $5,330, up 16% year-on-year. Silver should also strengthen over the next 12–18 months and outperform gold as investors rebuild exposure, while platinum is forecast to record a fifth consecutive deficit and average $2,060 in 2027.”