Key Messages
1. After their impressive rally in 2025 and early 2026, precious metals have surprisingly corrected since the start of the Iran war.
2. What happened to their traditional safe-haven status and protection against inflation? The correction reflects temporary pressure from rising interest rates, a stronger USD, and liquidity-driven profit-taking.
3. We maintain our Positive view on gold with unchanged 12-month target price of USD 5,500. We upgrade our view on silver, platinum and palladium from Neutral to Positive as recent correction again offers sufficient upside potential (with unchanged target price of USD 90 for silver).