Precious metals consultancy Metals Focus said in its annual report that it expects gold prices to set a record high in 2027. It said persistent inflation, a widening U.S. fiscal deficit and policy uncertainty will drive the rise as investors seek alternatives to traditional dollar-denominated assets. The average gold price in 2027 is projected to reach $5,330 an ounce, about 22% above current levels, though the U.S. Federal Reserve could tighten monetary policy further to counter above-target inflation, which could pose short-term headwinds. Spot gold hit a record high of $5,594.82 in late January 2026, but has since fallen 25% amid soaring energy prices and Fed tightening, and is currently trading around $4,152.27. Metals Focus also expects silver to benefit from many of the same macroeconomic factors supporting gold and to rise over the next 12 to 18 months, with average prices climbing from $70 an ounce in the fourth quarter of 2026 to above $90 an ounce in the fourth quarter of 2027. For platinum, it expects the average price in 2027 to be $2,060 an ounce as tight physical supply eases but a continued supply deficit supports prices, marking a fifth consecutive annual supply shortfall.