ING Sees Gold Averaging $4,408 in 2026
ING Group's commodity market forecasts dated November 10, 2026 project gold, silver, copper and iron ore prices through 2027.
Updated on Nov. 11, 2026 in Inflation
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ING Group, the largest banking group in the Netherlands, forecasts gold will average $4,408 per troy ounce in 2026 and $4,375 in 2027. Its commodity market forecasts, dated November 10, 2026, also project silver averaging $69.5 in 2026 and $66.5 in 2027.
Why it matters
Bank commodity forecasts shape expectations among investors, producers and buyers about where precious and industrial metal prices are heading. The projections point to a gradual decline in gold prices across 2027 after the 2026 average.
ING's forecasts put gold at $4,408 per troy ounce in 2026 and $4,375 in 2027, with silver at $69.5 and $66.5 respectively. Copper is projected at $13,370 and $13,550 per ton, and iron ore at $98 and $95 per ton, but the forecasts do not explain the assumptions behind these figures.
The players
ING Group
ING Group is the largest banking group in the Netherlands, and its commodity market research team publishes forecasts for gold, silver, copper and other raw materials.
The details
ING Group's commodity market forecasts, dated November 10, 2026, project gold prices easing from $4,100 in Q3 2026 to $4,550 by Q4 2027 in its quarterly path. The forecasts also cover copper and iron ore, with copper rising from $13,370 to $13,550 per ton and iron ore falling from $98 to $95 per ton over the two years.
Timeline
November 10, 2026: ING publishes its commodity market forecasts.
Q3 2026: Forecast gold average of $4,100 per troy ounce.
Q4 2026: Forecast gold average of $4,150 per troy ounce.
Q1 2027: Forecast gold average of $4,200 per troy ounce.
2027: Forecast annual gold average of $4,375 per troy ounce.
Market Dynamics
ING's November 10, 2026 commodity forecast projects gold easing from its 2026 average of $4,408 to $4,375 in 2027, a shift that reflects expectations for a slightly softer precious metals market. The projections give investors a benchmark against which to compare future gold price moves.
Households and businesses that buy metals or rely on copper and iron ore inputs may face price changes if these forecasts prove accurate. Investors watching gold can use the projected quarterly path as a reference point, though the forecast is not a guarantee of future prices.
The takeaway
Commodity forecasts are estimates rather than certainties, so readers should treat ING's projected gold, silver and industrial metal prices as one input among many when making financial decisions.
Further reading
For broader context on how commodity prices feed into consumer costs, see Inflation.
Source note: This article includes information reported by Trend.
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