CIBC has released a new forecast for the global precious metals market, maintaining a strong outlook for gold and silver prices despite ongoing volatility across commodities. According to the latest report published this week, analysts at the Canadian Imperial Bank of Commerce now expect gold prices to average six thousand dollars per ounce over the course of this year, a sharp increase from the bank’s previous estimate of four thousand five hundred dollars per ounce issued in October.
The updated forecast reflects CIBC’s view that persistent safe-haven demand and continued global uncertainty remain key factors supporting precious metals prices. In its report, the bank acknowledged unusual price swings in metals markets but stated that it remains constructive on both gold and silver, expecting prices to stay elevated through the remainder of the year. CIBC also projects that gold will maintain a broad upward trend, with average prices peaking at six thousand five hundred dollars per ounce in the year twenty twenty-seven.
At the time of the report, spot gold was trading at four thousand eight hundred sixty-three dollars and ten cents per ounce, marking a two percent decline on the day. Despite this short-term pullback, CIBC indicated that the broader upward trend remains intact, driven by the same fundamental conditions that supported gold demand throughout twenty twenty-five.
In addition to gold, CIBC updated its outlook for silver. The bank now expects silver prices to average around one hundred five dollars per ounce this year, with average prices rising to approximately one hundred twenty dollars per ounce next year. According to the analysts, silver continues to benefit from the same underlying demand drivers as gold, including investor interest in alternative stores of value.
CIBC highlighted ongoing geopolitical uncertainty as a major factor sustaining safe-haven demand for precious metals. The bank also pointed to expectations of further weakness in the U.S. dollar as a key driver supporting higher gold prices, noting that dollar debasement is likely to persist as investors and central banks gradually allocate away from U.S. Treasury securities.
The report also addressed recent developments in U.S. monetary policy, including President Donald Trump’s nomination of Kevin Warsh to replace Jerome Powell as Chair of the Federal Reserve. CIBC noted that gold’s recent selloff from record highs followed this announcement, as markets adjusted expectations around future interest rate policy.
According to the bank, Warsh has historically supported tighter monetary policy but may be more aligned with a dovish stance than market reactions initially suggested. CIBC stated that it is unlikely any candidate would significantly alter the Federal Reserve’s direction, with interest rates expected to continue moving lower in twenty twenty-six.
Looking beyond the United States, CIBC pointed to a broader global trend of fiat currency debasement, which the bank believes will continue to support demand for gold. The report noted that U.S. Treasuries are no longer universally viewed as risk-free, leading investors and central banks to seek alternative assets to preserve value.
CIBC concluded that declining confidence in fiat currencies, combined with high debt levels across Western economies, has resulted in increased interest in gold as a long-term store of value. The bank’s updated forecast positions gold and silver as central assets in the current global financial environment, supported by geopolitical uncertainty, currency trends, and central bank policy developments.
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