According to Heraeus Precious Metals, one of the global leaders in the precious metals industry, prices for gold, silver and platinum group metals (PGMs) are expected to trend lower for at least the first part of 2026. “After such strong price increases, a period of resetting and consolidation is likely,” said Henrik Marx, Head of Trading at Heraeus Precious Metals. The forecast sees gold trading between $3,750 and $5,000 per ounce.