The price of gold is expected to hit $5,013 a troy ounce over the next 12 months, up from the current level of $4,170, delegates to the London Bullion Market Association's (LBMA) annual gathering in Sorrento, Italy predicted on Tuesday. Gold is down 3% so far this year due to expectations of interest rates staying higher for longer amid the Iran war.

It jumped 64% in 2025, which was its biggest yearly rise since 1979, and hit a record high of $5,595 an ounce in January. A year ago the delegates of the same conference expected gold to be at around $4,980 by now.

A poll of delegates from around the world at the LBMA conference also predicted that silver prices would jump to $97 per ounce in a year's time from around $61 on Tuesday. Silver has fallen 14% so far this year, after rallying 147% in 2025.

Results gathered at LBMA's annual poll and shown to delegates at the conference, also showed forecast that platinum prices would increase to $1,914 an ounce from the current $1,706 and palladium would rise to $1,415 from around $1,174. Platinum and palladium are down 17% and 28%, respectively, so far this year.