Overview
- Spot silver fell about 13% to roughly $77 per ounce on Thursday after a two‑day bounce, with analysts citing speculative flows, leverage and thin London liquidity for outsized swings.
- Gold, which had reclaimed levels just above $5,000 on Wednesday, edged lower on Thursday after a sharp rebound earlier in the week that followed last week’s margin‑driven selloff.
- A Reuters poll raised the median 2026 gold forecast to $4,746.50 per ounce, the highest annual outlook in the poll’s history back to 2012.
- J.P. Morgan now projects gold at $6,300 by late 2026, pointing to persistent reserve diversification by central banks and renewed investor interest, while Goldman Sachs maintains a $5,400 target.
- Analysts highlight safe‑haven demand, a softer dollar and US‑Iran tensions as supportive for bullion, but warn that positioning and liquidity constraints leave silver especially prone to abrupt reversals.