IG market analysts Farah Mourad and Ye Weiwen have released their 2026 Commodities Outlook, forecasting a continued rally in gold prices. The report highlights that declining real yields, high government spending, and ongoing central bank purchases will support gold's upward trend, with prices expected to range between $4,500 and $4,700, potentially exceeding $5,000 under favorable conditions. Silver is also poised for growth, following a 120% surge in 2025. With persistent supply shortages and rising industrial demand, silver prices are projected to surpass $65, with potential highs of $72 to $88. In contrast, the energy market faces challenges, as oil supply growth outpaces demand. Brent crude is expected to average $62.23, while WTI crude may average $59 in 2026. However, JPMorgan Chase warns of a possible drop to the $30 range if the supply glut intensifies.