StoneX projects gold will finish 2026 close to $4,000 an ounce and silver will hold a range of $55 to $60 an ounce, according to the firm's third quarter commodities outlook. Spot gold traded near $4,028.20 an ounce in early July, and spot silver traded near $58.63.

The gold silver ratio widened from a May low near 55 to 1 to roughly 69 to 1 by July. A ratio at that level places silver at a historically wide discount to gold, a relationship that has drawn attention from investors who track the spread rather than either metal in isolation.

Silver opened July at $58.55 an ounce, about 52 percent below the all time high of $121.62 recorded in January. The size of that drawdown explains why the metal shows a double digit year to date loss while still trading well above its level of a year ago.

Macroeconomic data moved both metals during the month. The June consumer price index released July 14 showed headline CPI falling 0.4 percent month over month, the largest single month decline since April 2020, with the annual rate slowing to 3.5 percent from 4.2 percent in May.

Consensus gold forecasts across the broader analyst group run above the StoneX figure, with an average target of $4,741.97 for the year.

Source: Kitco News - https://www.kitco.com/news/article/2026-07-10/gold-likely-finishes-2026-near-4000oz-silver-between-55-60oz-stonex-q3