Gold prices are projected to stabilize around $5,000 per ounce through the first quarter of 2026, according to Sucden Financial's latest quarterly metals report. Despite a 1% decline to $4,993 on February 16, attributed to profit-taking and low holiday liquidity, the precious metal remains up over 6% for the month and 72% year-over-year. Sucden Financial analysts, Daria Efanova and Viktoria Kuszak, noted that gold's rally has shifted from a fundamentally supported rise to a momentum-driven phase, with volatility expected to persist. The report highlights that strong investment demand and macroeconomic uncertainties continue to support gold prices, even as speculative flows dominate short-term movements. Silver, meanwhile, fell 1.6% to $76.73 per ounce, reflecting its dual role as an investment and industrial metal.