BRIEF-RBC Raises 2026 Gold, Copper Price Forecasts

Royal Bank of Canada

Royal Bank of Canada

RY

0.00

March 12 (Reuters) - RBC Capital Markets:

  • INCREASES ITS GOLD FORECAST TO $5,723/OZ IN 2026 (+21% VS. PRIOR), $6,500/OZ IN 2027 (+27% VS. PRIOR), AND $4,000/OZ LONG-TERM (+33% VS. PRIOR $3,000/OZ)

  • RAISES 2026 COPPER PRICE ESTIMATE TO $5.88/LB

  • ANTICIPATES COPPER PRICES AT $6.00/LB IN FIRST HALF OF 2026 BEFORE DECLINING TO $5.75/LB IN SECOND HALF AS SUPPLY DISRUPTIONS NORMALIZE

  • RAISES 2027 - 2029 COPPER PRICE FORECAST TO $6.00/LB ON ELECTRIFICATION, INFRASTRUCTURE, AND DEFENSE TAILWINDS, WITH POTENTIAL AI UPSIDE

  • LIFTS ALUMINIUM 2026E FORECAST TO $1.50/LB AND 2027-28E BY 7% TO $1.44/LB, FORECASTING GROWING DEFICITS AS CHINA HITS CAPACITY LIMITS

  • FORECASTS A GLOBAL PGM BASKET PRICE FOR 2026 TO RISE TO $2,761/OZ BY YEAR END (SPOT OF $2,652/OZ)

  • SAYS THEIR LONG-TERM SILVER PRICE FORECAST HAS INCREASED +47% TO $55/OZ


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