He expects copper prices on the London Metal Exchange to test the $13,500–14,000 per tonne range. This could translate to ₹1,300–1,350 per kg on the Multi-Commodity Exchange. “Copper is facing a perfect storm of supply tightness and demand growth,” Shah said.
Also Read | Silver to hit $70 next year, but volatility likely: Metals Focus’ Philip NewmanReflecting on 2025, Shah said gold and silver exceeded expectations by reaching 2026 targets a year early. He linked the rally to global macro factors rather than seasonal trends, pointing to Japan’s rate hikes, which led to bond market stress and pushed investors towards gold. He also flagged the rise of gold-backed cryptocurrencies as a new source of demand.
For 2026, Shah expects gold to find support around $4,000 per ounce. In a favourable scenario, prices could test the $4,650–4,700 per ounce range. However, he cautioned against expecting a repeat of last year’s surge. “A moderate 10–15% return looks more realistic,” he said.Also Read | Holiday rally may last, but risks loom for early 2026: Standard Chartered’s Steven Englander
On silver, Shah said the market is being driven mainly by supply-side dynamics and demand from data centres and electronics. He sees a price floor near $55 per ounce and does not expect a sharp correction unless there is an unexpected rise in supply. For investors buying on dips between $55 and $60 per ounce, he suggested return expectations be capped at $75–80 per ounce, adding that triple-digit prices appear “a little difficult” in the near term.
Overall, Shah said 2026 could mark a phase where base metals, led by copper, take the lead, while precious metals continue to offer steady returns rather than sharp rallies.
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