Market Decode™: Will precious metals keep their shine?

After seeing huge gains in 2025, gold appears poised to keep the momentum going this year. Does it have a place in your portfolio?

GOLD. THE PRECIOUS METAL’S surge was one of the storylines of 2025, seeing a 65% jump in price and marking its strongest performance since 19791. But the story doesn’t end there. Other precious metals are seeing their value rise as well. “Gold, silver, and other precious metals are having their moment,” says Ariana Chiu, Investment analyst in the Chief Investment Office for Merrill and Bank of America Private Bank. Gold and other hard assets are generally seen as hedges in times of economic volatility and political strife because they are tangible, scarce resources that can help diversify portfolios and hold value when uncertainty arises.

 

In the video above, Chiu explains what’s driving the rise in gold, the potential risks at hand, the market forces at play and why the Chief Investment Office is bullish on these precious metals for the year ahead. “Central banks are a key driving force here – and we wouldn’t expect that to end in 2026,” notes Chiu.

 

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1Bloomberg.

Important disclosures

The opinions expressed are as of 1/14/2026 and are subject to change.

Investing involves risk, including the possible loss of principal.

Past performance is no guarantee of future results.

Asset allocation, diversification and rebalancing do not ensure a profit or protect against loss in declining markets.

Investments have varying degrees of risk. Investing in gold or other metals involves special risks, including market price fluctuations, regulatory changes, interest rate changes, credit risk, economic changes, and the impact of adverse political or financial factors.

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The Chief Investment Office (CIO) provides thought leadership on wealth management, investment strategy and global markets; portfolio management solutions; due diligence; and solutions oversight and data analytics. CIO viewpoints are developed for Bank of America Private Bank, a division of Bank of America, N.A., (“Bank of America”) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S” or “Merrill”), a registered broker-dealer, registered investment adviser and a wholly owned subsidiary of Bank of America Corporation (“BofA Corp.”).

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