Antonina Levashenko, Head of International Best Practices Analysis Department at the Gaidar Institute, commented on the sharp fluctuations in the precious and industrial metals markets for Nezavisimaya Gazeta. The expert explained the current situation as being due to a combination of factors.
“In particular, the gold/silver market was overheated in January due to large purchases by investors, fluctuations in the dollar as a result of the US Federal Reserve's monetary policy, and institutional changes in the US banking system,” Antonina Levashenko noted.
She pointed out that the price movement after historic highs is economically logical: “Corrections and sharp price fluctuations are economically typical after peak growth rates and declines in January 2026. Accordingly, declines and growth may continue for some time to stabilize and correct the market.”
At the same time, according to the expert, forecasts for gold remain optimistic, and precious metals retain their role as a safe-haven asset: “Estimates fluctuate (from the price level on February 3) from 24% to almost 71% growth (according to forecasts by the French bank Société Générale) during 2026, as precious metals remain a basic asset for investment, despite excess demand and purchases by global banks.”
Antonina Levashenko also emphasized that volatility has also affected the industrial metals market, including copper, aluminum, and zinc, which is explained by supply factors and geopolitics. “This is due, among other things, to investors' expectations of insufficient supply of all these metals against the backdrop of rising global demand, which is forcing them to buy more for future use, as well as multidirectional geopolitical risks (for example, as a result of the introduction of US tariffs/duties on various raw materials),” the expert concluded.