Sub-headline: Kotak Securities says investors can accumulate gold on dips in H2 2026, while the next major bull run may begin in 2027.
Highlights
- Gold may trade between $3,400–$4,400 in H2CY2026
- Dips near $3,600–$3,900 seen as buying opportunities
- Silver expected in broad $60–$88 range
- Next big bull cycle may start from 2027
- Long-term targets: gold near $9,000, silver around $150
Gold and silver may remain in a consolidation phase during the second half of 2026, but the long-term outlook still remains strong, according to Anindya Banerjee, Head of Commodity and Currency Research at Kotak Securities.
After touching a sharp peak near $5,600 in January, gold has seen a pullback. However, Kotak Securities believes this is not a trend reversal but a corrective phase after a major rally. Historically, gold has corrected around 30–40 per cent after strong upmoves before starting its next upward journey.
For H2CY2026, gold is expected to trade in a broad range of $3,400 to $4,400. The first key support is seen near $3,900, followed by $3,600 and $3,400. On the higher side, $4,400 may act as a major resistance. A sustained move above this level could confirm that the correction is over.
The brokerage suggests that investors should treat dips in the $3,600–$3,900 zone as accumulation opportunities rather than panic signals.
Silver, meanwhile, remains a more volatile bet. It is expected to move between $60 and $88 in the second half of 2026. A sustained close above $90 could open the path for silver to move back toward its earlier highs.
Looking beyond 2026, Kotak Securities expects the next secular bull run in precious metals to begin from 2027, supported by a shift in the US Federal Reserve’s policy stance from hawkish to dovish.
The long-term target for gold is seen near $9,000, while silver may move toward $150. The key drivers are expected to be debasement, de-dollarization and de-globalization, which may continue to support precious metals over the next three to four years.
