After a record-breaking year for precious metals, experts expect gold to take a breather before its next big rally, while silver may emerge as the stronger performer in 2026.

Kunal Shah, Vice President and Head of Commodities Research at Nirmal Bang Commodities, believes gold has already priced in all the positives that drove it to recent highs. “In the near term, gold has already discounted all the positives that were supposed to drive it higher to $4,400–$4,500. The moment we see the ongoing US government shutdown end, we’re likely to see profit-taking,” he said.

Shah expects gold prices to enter a major consolidation phase, with prices potentially cooling to around $4,000 per ounce on CME futures before the next leg higher. By next Diwali, he projects gold could deliver conservative g

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