The State Duma announced an increase in gold prices to historic highs

The global precious metals market maintains a pronounced upward trend: gold is holding near historical highs, and forecasts from major investment banks suggest further growth. Alexey Govyrin, a State Duma deputy and member of the State Duma Committee on Small and Medium-sized Enterprises (United Russia faction), told Izvestia on May 25.

According to the parliamentarian, gold is trading at about $ 4,300 per ounce, while since the beginning of the year it has updated historical highs almost 50 times. The largest investment houses maintain a bullish outlook: HSBC expects $4,450 by the end of 2026, Goldman Sachs — $5,400, UBS — $5,900, and Bank of America expects an increase to $6,000 per ounce by the middle of the year. The market is supported by supply reduction and active purchases from central banks.

An additional demand factor, according to Govyrin, is the actions of the Ministry of Finance of the Russian Federation, which on May 8 resumed purchases of foreign currency and gold under the budget rule for 110.3 billion rubles.

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"Against the background of gold's growth, silver shows increased volatility: after reaching a peak of about $ 88.2 per ounce, the price adjusted to $75.9. At the same time, the average annual forecasts remain high — about $77 per ounce, which is almost double the levels of last year. The metal is supported by the growth of industrial demand, including from the solar energy sector. The expected trading range for silver is $74-82," the expert said.

Platinum, according to the MP's estimates, is trading in the range of $2600-2700 per ounce, palladium — $ 1900-2050, which forms comfortable levels for producers. An additional factor for the market was the lifting by the London Metal Exchange (LME) of restrictions on trading in Russian non-ferrous metals.

In general, Govrin noted, precious metals continue to show steady growth against the backdrop of global demand, limited supply and the active role of central banks.

As reported on April 29, the price of gold futures for delivery in June 2026 on the Comex exchange on April 29 fell below $4,550 per troy ounce for the first time since March 30 this year. As of 16:20 Moscow time, the price of precious metals decreased by 1.34%, amounting to $4,546.8 per troy ounce. Five minutes later, by 16:25 Moscow time, the futures price slowed down the decline. Gold was at $4,547.5 per ounce, which is 1.32% lower than the previous values.