Gold and silver posted historic gains in 2025, driven by Fed rate expectations, a softer dollar, geopolitical tensions, industrial demand, and supply deficits. In 2026, gold could test $5,000/oz and silver $100/oz, supported by central bank buying, robust industrial use, and INR weakness. Investors are advised to maintain disciplined allocations, balance physical and paper holdings, and avoid chasing short-term spikes.