Thus, the forecast for gold in 2026 is set at $4,500 per troy ounce (previously $3,400), for 2027 at $3,800 (up from $2,500), and for 2028 at $3,300 (compared to $2,000).
“The adjustment of gold forecasts demonstrates significantly higher market prices, which are associated with active purchases by central banks and growing interest from institutional and retail investors. While these positions may vary, factors such as geopolitical tension, declining interest rates, and concerns about the long-term effects of inflation are likely to remain relevant in the near term,” the review notes.
In addition, Fitch has raised its forecasts for spot copper prices. It is expected that this year the price will be $11,500 per ton (instead of the previous $9,500).
The forecast for copper in 2027 has increased to $11,000 per ton (previously $8,500), and for 2028, the agency expects a price of $10,000 per ton.
Analysts emphasize that the high cost of copper remains mid-cycle due to declining ore grades at operating mines, delays in launching new projects due to complex permitting procedures, and sustained demand.
The agency has also revised its aluminum price forecasts for the period of 2026-2028. For 2026, the forecast is $2,900 per ton (compared to $2,500), for 2027 it is $2,700 (previously $2,500), and for 2028 it is $2,600 (compared to $2,500).
Experts added that expectations for zinc prices in 2026-2028 have also been raised due to the anticipated decline in mining volumes in 2026 amid stable consumption, which could lead to a market deficit.
In 2027-2028, production is expected to recover; however, sustained demand will ensure moderate price growth, according to Fitch's estimates.
