Commodities predictions: Gold, silver and copper in 2026

Nikos Tzabouras, Senior Analyst at Jefferies-owned Tradu.com, discusses the outlook for gold, silver and copper as we head into 2026.

With market and trading uncertainty riding high, it’s set to be a choppy road for these commodities. Although gold is supported by being a safe-haven, 2026 is likely to be more volatile as we could see fewer geopolitical shocks and a firmer dollar.

Silver, meanwhile, has a greater upside potential, given its use in AI, datacentres and EVs.

Copper is also set to benefit from its use in AI infrastructure, but a potential surplus means that structural demand will have to outweigh any economic headwinds

Gold

“Gold should continue to draw support from structural forces next year, although the strength of the 2025 rally may be difficult to repeat and recent volatility could deepen as speculative positioning builds. Safe haven flows are likely to remain firm, with geopolitical tensions and trade uncertainty lingering even as some headline risks ease. Sentiment-driven demand could also rise if concerns about an AI bubble intensify and investors grow more defensive.

“Macroeconomic drivers remain favourable. Debasement risks tied to widening fiscal deficits may push investors away from major currencies, and ongoing de-dollarisation efforts can reinforce gold’s appeal. Central bank purchases are set to remain a long-term tailwind. The US dollar may also stay under pressure if the next Federal Reserve Chair adopts a more dovish stance that aligns with President Trump’s preference for easier policy.

“Nonetheless, the Fed may find it difficult to deliver aggressive cuts into 2026 amid reflation risks, which could support the greenback and weigh on gold. Safe haven demand could also moderate. Trump’s disruptive trade agenda is now largely outlined, diplomatic efforts raise the prospects of a Ukraine truce, and persistent tech euphoria remains possible as AI proliferation shows little sign of slowing.

“Overall, gold enters 2026 with solid structural support but a far less predictable trading backdrop. The metal is unlikely to lose its strategic relevance, yet the path forward may be choppier than investors have grown accustomed to.”

Silver

“Silver could once again outperform gold in 2026 since its strength derives from its use in vital sectors driving the global economy, although headwinds may emerge as supply and demand dynamics remain mixed. Like its shinier sibling, silver benefits from US dollar weakness and safe haven flows, but it has far more consequential drivers. It is integral to transformational forces such as the AI boom and the data centre build-out, as well as the clean energy transition and applications including photovoltaics and electric vehicles. Silver also plays a critical role in defense programmes amid rising military spending. The possibility of levies under the Trump administration could likewise continue to support prices.”

“However, the global economy still faces headwinds from disruptive trade policies, which could trigger another decline in consumption, while mine output may remain relatively steady. The rollback of green policies in the United States and risks to AI rollout may also weigh on demand and limit price momentum.”

“Taken together, silver enters 2026 with a compelling structural narrative but a more fragile short-term outlook. Its deep links to AI, energy transition technologies and defense spending give it clearer long-term momentum than gold, yet trade frictions, policy reversals and uneven industrial activity could restrain gains. The balance between these forces will determine whether silver can extend its recent outperformance in the year ahead.”

Copper

“The copper outlook remains constructive for the new year amid supply disruptions and long-term consumption drivers, although demand headwinds persist. Production disturbances and tariff-driven dislocations can keep the market tight and support prices. Copper also stands out as a critical mineral indispensable to key technologies and industries, providing powerful structural tailwinds. The metal is heavily used in semiconductors and data centres powering AI, as well as electric vehicles, solar power systems, clean energy technologies and defense applications.

“Yet the market was in surplus in 2025, and this could persist or even widen in the new year. Tariffs have placed the global economy under strain, which may constrain copper usage. At the same time, risks to the pace of AI adoption are likely to endure, while Trump’s policy agenda is a deterrent for cleantech investment and electric vehicle sales.

“Copper heads into 2026 with some of the strongest structural drivers in the commodities space, but the outlook remains finely balanced. Supply constraints and strategic demand linked to electrification and AI give the metal clear long-term momentum, yet tariff risks, policy shifts and uneven industrial activity could still limit gains. Whether copper delivers another bullish year will depend on how these countervailing forces play out as the global economy navigates an uncertain landscape.”

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