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Investing.com -- Gold prices could extend their rally into early 2026, with spot levels potentially moving sharply higher, according to BMO Capital’s latest metals outlook.

In its 2026 Metals & Bulk Commodity Price Year Ahead report, BMO Capital analyst Helen Amos said that “gold’s resilience post-October’s sell-off shows its appeal as a diversifier and safe haven endures,” adding that “spot prices could breach $4,600/oz as soon as Q1.”

Amos framed the outlook against what it described as a continued mining “Supercycle 2.0,” which she said is “broadly driven by deglobalisation and supply frictions” and remains “still in full swing.”

The bank noted that the past year has been “spectacular for metals and mining,” with precious metals prices up 60–100% “far in excess of year-ago expectations,” but argued that “it is too soon to fade this rally.”

According to BMO Capital, gold is expected to outperform other precious metals into the first half of 2026.

While the firm sees upside in several commodities, it stated that it is “more cautious on commodities like silver and platinum,” which “appear to have recently overshot fundamentals,” leaving gold as the preferred precious metal.

BMO Capital also pointed to strong underlying demand drivers supporting bullion prices.

It highlighted that “Chinese retail interest [is] strong,” reinforcing gold’s role as a store of value amid global uncertainty.

The bank added that monetary and fiscal easing, alongside broader macro risks, should continue to underpin safe-haven demand.