Strategist Peter Taylor stated, "For gold, we noted the risk of reaching $5,000/oz given ongoing concerns about the Fed chairman, and that has happened. We also warned of the risk of a 'sharp pullback' for silver, given its propensity to fall sharply."
The bank raised its average gold price forecast for the first quarter of 2026 to $4,590/oz from its previous forecast of $4,300/oz, and its estimate for the second quarter increased to $4,300/oz from $4,200/oz. Macquarie also raised its full-year 2026 gold price forecast to $4,323/oz from $4,225/oz.
For silver, the bank raised its first-quarter target to $75/oz from $55/oz, and its average forecast for 2026 is now $62/oz from $57/oz.
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