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Gold and silver prices have seen significant volatility in recent weeks following a surge in prices over the past two years.
The spot price of gold is up 67% over the last year while the silver spot price has risen 158% in that time – though the asset prices plunged over the last week with gold down over 9% and silver falling more than 27% in that period. The dip in prices also affected gold bullion, which fell over 9.8% on January 30, which was its sharpest single-day drop since 1983.
Spot gold prices were below $4,700 an ounce during Monday morning trading, while silver was below $79. At those prices, gold is up roughly 66% in the last year while silver is up about 147%.
Rising gold and silver values over the last year have drawn the attention of consumers, some of whom are looking to sell gold and silver jewelry amid the recent volatility, while others are looking to invest in precious commodities.
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Gold prices have surged in the last year and have experienced significant volatility in the last week. (CFOTO/Future Publishing via Getty Images)
Mukarram Mawjood, founder of Bullionite Asset Group, told Gxstocks that jewelry "carries a retail premium not directly correlated to moves in investment grade gold and silver," and so jewelry shouldn't be approached as an investment when purchased.
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Rising gold and silver values over the last year have drawn the attention of consumers. (Mike Segar/Reuters)
JPMorgan said in a research note on Monday that it expects gold prices to reach $6,300 per ounce by the end of 2026 amid demand from central banks and investors.
"Even with the recent near-term volatility, we remain firmly bullishly convicted in gold over the medium-term on the back of a clean, structural, continued diversification trend that has further to run amid a still well-entrenched regime of real asset outperformance vs paper assets," the firm said in a note.
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The spot price of gold is up 67% over the last year while the silver spot price has risen 158% in that time. (Photographer: Chris Ratcliffe/Bloomberg via Getty Images)
Deutsche Bank on Monday reiterated its gold price forecast of $6,000 an ounce this year amid sustained investor demand.
UBS last week also raised its forecast for gold prices to $6,200 for March, June and September 2026.
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Reuters contributed to this report.
