A table graphic published by Kitco News on November 5, 2026 summarizes the World Bank's October Commodity Markets Outlook for gold and silver through 2028. The graphic lists gold at $4,600 per ounce in 2026, $4,250 in 2027 and $4,000 in 2028. Silver appears at $70 per ounce in 2026, $62 in 2027 and $58 in 2028.

The accompanying Kitco report gives the year-over-year changes. Gold's 2026 average is a 33.6% increase from 2025, followed by a 7.6% decline in 2027 and a 5.9% decline in 2028. Silver's 2026 average is a gain of nearly 76%, followed by a decline of more than 11% in 2027 and 6.5% in 2028. The World Bank's April outlook had gold at $4,700 for 2026 and $4,300 for 2027.

The broader precious metals index is forecast to rise nearly 40% in 2026, then fall 8.3% in 2027 and 6% in 2028. Prices remain more than three times their 2015 to 2019 averages. Gold fell 5% in the third quarter of 2026 and silver fell 14%. Even after the projected declines, gold stays more than 75% above its 2021 to 2025 average.

For silver, the World Bank pointed to industrial demand. High prices may lead users to cut silver use, particularly in solar, where manufacturers are improving efficiency and moving toward copper-based metallization. Demand from electronics, data centers, automotive and power infrastructure should keep growing. Mine output is expected to rise modestly while recycling expands, which should gradually ease market tightness through 2028.

The World Bank described risks to its precious metals forecasts as broadly balanced. Upside risks include Middle East tensions and stronger central bank gold buying, and the largest downside risk is tighter U.S. monetary policy.

Source: Kitco News - https://www.kitco.com/news/article/2026-11-05/world-bank-sees-gold-holding-above-4000-through-2028-warns-silver-faces