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Gold's breakthrough above US$5,000 and silver's surge through US$100 signal this year could be one for the history books for metal traders (one way or another).

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Quick facts

• Elevated safe-haven demand lifts Gold targets from US$5,400 to US$6,000 after early-year US$5,000 breakout.
• Artificial intelligence (AI) and data-centre infrastructure ramp-up could help drive silver and copper demand.
• Continued geopolitical uncertainty and shifting monetary policy could trigger metal volatility throughout the year.

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Top 5 metals to watch in 2026

1. Gold

Gold's breakout over US$5,100 arrived three quarters ahead of some forecasts. With Bank of America quickly raising its end-of-year target to US$6,000 and Goldman Sachs projecting US$5,400, the safe-haven commodity remains the biggest asset in focus for 2026.

Key drivers:

• Central banks are currently buying an average of 60 tonnes of gold per month, compared to 17 tonnes pre-2022.
• Two Fed rate cuts are priced in for 2026, reducing the opportunity cost of holding non-yielding assets like gold.
• Trump tariff policies, Middle East tensions, and fiscal sustainability concerns are keeping safe-haven demand elevated.
• Gold's share of total financial assets hit 2.8% in Q3 2025, with room to grow as retail FOMO kicks in.

What to watch

• Jerome Powell is set to be replaced as Fed chair in May 2026. Actual policy direction post-replacement may differ from current market expectations for cuts.
• If geopolitical hedges into safe havens remain or if there is an unwinding like post- 2024 US election.
• The potential weaponisation of dollar asset holdings by European nations as a response to US tariffs.

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2. Silver

Silver is the metal that has benefited the most from the 2025 AI boom, with its surge to US$112 all-time-highs to kick off 2026 (70% above fundamental value as per Bank of America signal), demonstrating its volatile potential.

Key drivers

• Industrial demand from AI infrastructure, solar, and electric vehicles (EVs), semiconductors and data centres currently has no viable substitute for silver's conductivity.
• Six consecutive years of supply deficit, with above-ground stocks depleting and recycling bottlenecks limiting secondary supply.
• Policy optics may matter. The US decision to add silver to its list of “critical minerals” has been cited as a potential factor in volatility, including around trade policy risk.
• Retail participation can amplify price moves, particularly when the demand for gold becomes “too expensive”.

What to watch

• If solar panel demand continues its trajectory, or if 2025 was the peak.
• Whether the recycling supply responds to record prices by increasing silver refining and material processing capacity.
• How exchange inventory and lease rates move as potential signals of physical tightness.

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3. Copper

Copper's 2026 story hinges on continued data centre demand, renewable energy infrastructure growth, and China's struggling property market.

Key drivers

• Data centre copper consumption is projected to hit 475,000 tonnes in 2026, up 110,000 tonnes from 2025.
• Worker strikes in Chile and Grasberg restart delays are keeping the Copper market structurally tight.
• The US tariff decision on refined copper imports is expected in mid-2026 (15%+ currently anticipated), creating potential stockpiling and trade flow distortions.
• Goldman Sachs has forecast that power grid infrastructure and EV buildout could add "another United States" worth of copper demand by 2030.
• Current Chinese property weakness is creating demand uncertainty, potentially offsetting infrastructure spending.

What to watch

• Whether Grasberg ramps production smoothly or faces further setbacks.
• Chinese property market stimulus effectiveness.
• Actual tariff implementation timing and magnitude.
• Yangshan premium movements signalling real physical demand versus financial positioning.

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4. Aluminium

Trading near three-year highs of US$3,200, aluminium faces continued tightness into 2026 as China's capacity ceiling forces global markets to adjust.

Key drivers

• China's 45 million tonne capacity cap was reached in 2025. For the first time in decades, Chinese output cannot expand, potentially ending 80% of global supply growth.
• As copper prices increase, Reuters has reported that some manufacturers have been substituting aluminium for copper in certain applications as relative prices shift.

What to watch

• South32 has said Mozal Aluminium is expected to be placed on care and maintenance around 15 March 2026, thus removing Mozambique's 560,000 tonne significant supply.
• If Indonesian and Chinese offshore capacity additions can compensate for Chinese domestic ceiling.
• Century Aluminium's 50,000 tonne Mount Holly restart in Q2 could provide a signal for the broader industry as the smelter is expected to reach full production by 30 June 2026.

5. Platinum

Platinum's breakout above US$2,800 follows three consecutive years of supply deficit and increased adoption of hydrogen fuel cells (for which it is a vital component).

Key drivers

• The World Platinum Investment Council (WPIC) has forecast a significant supply deficit of 850,000 ounces in 2026 which could drain inventories, with limited new production coming online.
• WPIC forecasts 875,000 to 900,000 oz uptake by 2030 for heavy-duty trucks, buses, and green hydrogen electrolysers.
• Palladium-to-platinum substitution in catalytic converters is increasing in EV production.

What to watch

• Supply response from producers. Platreef and Bakubung are adding 150,000 oz, but production discipline could limit a broader ramp-up.
• US tariffs on Russian palladium could create spillover demand for platinum in EV production.
• The pace of hydrogen infrastructure investment and heavy-duty vehicle adoption rates in Europe, China, and US.
• Chinese jewellery demand could come into play. Just a 1% substitution from gold could widen the platinum deficit by 10% of the global supply.

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