Gold spot prices were trading at $4,704.25 per ounce as of May 12, 2026, remaining near multi-year highs driven by central bank buying, US debt concerns, and Federal Reserve interest rate uncertainty. Silver tracked at $85.44 per ounce the same day, having surged 6% on May 11 following a US-China tariff truce before pulling back on hotter-than-expected April CPI data.
Central banks purchased 244 tonnes of gold on a net basis in Q1 2026, a 3% increase year-over-year that exceeded both the prior quarter and the five-year average for quarterly buying. The sustained pace of institutional demand continues to provide a floor for gold prices even during periods of short-term dollar strength.
Analyst forecasts for gold in 2026 vary widely but lean bullish. ING's commodities team has projected gold reaching $5,000 per ounce by year-end. UBS maintained a constructive long-term view, citing expectations for a gradually weakening US dollar and eventual Federal Reserve rate cuts as drivers toward $5,900 per ounce by late 2026. A more aggressive forecast from analyst Pierre Lassonde ties a potential $17,250 level to the trajectory of the US national debt, which he described as approaching $40 trillion.
Silver and platinum also decoupled from gold during the week of May 11, rallying independently on supply-side pressures. The gold-to-silver ratio compressed from approximately 62:1 to 55:1 in a single week, one of the fastest ratio moves recorded in recent years.
Source: USAGOLD -- https://www.usagold.com/daily-precious-metals-market-report-may-12-2026/