Thursday, October 9, 2025

Gold still leading the rally; silver to deliver stronger gains over long term: Jonathan Barratt

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Precious metals are maintaining strong momentum, with gold prices climbing to new highs and silver trading at decade-long peaks. According to Jonathan Barratt, Chief Investment Officer at ETO Group, investor appetite for safe-haven assets remains strong, with gold leading the rally despite silver’s industrial advantage.“Gold has technically broken out of a consolidation pattern, which signals further gains. The weight of demand from investors is forcing prices higher—nobody is shorting gold, everyone is buying,” Barratt said in an interview with ET Now.

Gold outlook

Gold is currently trading near $3,640–$3,670, and Barratt believes the psychological level of $3,600 will act as a floor for the metal. “It is difficult to set exact targets at record highs, but the market momentum suggests gold could continue higher despite a firmer US dollar,” he noted.

Silver outlook

While gold remains the top performer, Barratt expects silver to deliver stronger percentage gains over the long term. He highlighted that silver could move toward $50 per ounce, a level last seen in 2011.“Many are underestimating silver’s potential. Industrial demand from electric vehicles, solar panels, and China’s push toward a green economy will be major drivers. The US is also considering reclassifying silver as a rare earth, which could further tighten supply,” he said.

Copper in focus

Beyond precious metals, copper has also shown strength, with year-to-date gains of around 12%. Barratt sees further upside, supported by expectations of US rate cuts and possible stimulus measures from China.
“Copper is still relatively cheap, around $4.60 per pound. If China revives its manufacturing sector and the US eases policy, we could see another lift in prices,” he added.

Market sentiment

Brokerages remain bullish on both gold and silver as investors continue to hedge against global uncertainties, trade tensions, and shifting economic policies. Analysts expect demand to stay firm heading into year-end, with silver positioned to outpace gold in percentage terms over the longer horizon.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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