Benchmarks for gold and silver prices in the second half of 2026 have been named

In the second half of 2026, gold is likely to continue trading in a wide range, while silver may show higher growth rates due to sustained industrial demand. Ilya Rusyaev, a business consultant and founder of the Rusyaev Club business community, told Izvestia on July 6.

According to the expert, after the January high, gold has adjusted and is now trading around $4,160 per ounce. Despite the decline in quotations, the fundamental factors supporting the market remain.

Rusyaev noted that central banks continue to increase gold reserves, and the average forecast of participants in the London Precious Metals Market Association assumes a price of about $4,742 per ounce by the end of 2026.

The key factor for the market, according to the expert, remains the monetary policy of the US Federal Reserve System (FRS). Currently, the Fed's rate is in the range of 3.5–3.75%, and market participants estimate the probability of keeping it unchanged at the July meeting at about two-thirds.

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Prices should stabilize due to demand from central banks

"Each softening of the Fed's rhetoric will support the growth of gold, while a tougher policy can return quotes to $3.9 thousand per ounce. By the end of the summer, the working range looks like $4-4.4 thousand per ounce," Rusyaev believes.

Silver, according to the expert, looks like a more promising asset. After declining from the January highs, the metal is gradually recovering amid high demand from manufacturers of electronics and solar energy, which continues to exceed supply. Rusyaev noted that a number of analysts expect the price of silver to rise to $80 per ounce by the end of the year.

The expert also recommended that private investors keep about 10% of their investment portfolio in precious metals and increase their positions gradually during corrections, rather than trying to determine a minimum purchase point.

Arina Kostryukova, Director of Currency and Precious Metals Markets at the Moscow Stock Exchange, said on June 21 that Russian investors had significantly increased their investments in precious metals. According to the Moscow Stock Exchange, about 76% of private investors' investments in precious metals are in gold, and another 22% are in silver.