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Precious Metals kick off 2026 with resilience

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As 2026 begins, the precious metals market remains volatile following 2025’s historic rally, with gold up around 65% to levels exceeding $4,300–$4,400 per ounce and silver surging 140–170% amid record highs. Driven by safe-haven demand, central bank purchases, geopolitical risks, and industrial shortages (especially for silver in solar, EVs, and electronics), recent profit-taking caused corrections, yet fundamentals support resilience with expected Fed rate cuts and ongoing tensions.

Gold’s Technical Outlook and Drivers

COMEX gold trades near $4,330–$4,360, consolidating after peaks above $4,500. Short-term support holds at $4,300–$4,275, with potential upside to $4,600–$5,000 if resistance breaks. Central banks (e.g., from India and China) sustained buying as a USD/inflation hedge, while lower yields and risks from Middle East conflicts and US policies fuel flows. Analysts like those at State Street and J.P. Morgan see $5,000 feasible in 2026. In India, where gold imports impact the current account deficit, this offers hedging opportunities despite rupee pressures.

Silver’s Trajectory and Industrial Demand

Silver has rebounded to around $71–$73 per ounce after dipping from highs near $83–$86, maintaining an ascending channel with support at $68–$70 and targets of $75–$80+. Its dual role—investment and industrial (50–60% of demand)—amplifies volatility but boosts growth, with deficits exceeding 200 million ounces due to lagging mine supply and booming green tech needs. India’s jewellery and silverware sectors (15% of global consumption) benefit, competing with lab-grown diamonds and aligning via MCX.

Implications for Investors and Policymakers

Precious metals act as portfolio hedges, with gold’s negative equity correlation (~−0.4 long-term) providing stability and silver offering higher-beta returns. Strategies include dollar-cost averaging on dips and monitoring FOMC signals. For India’s jewellery industry, trends demand enhanced e-gold platforms, origin certification, and analytics for pricing. Policymakers could ease import burdens via domestic refining incentives, similar to PLI schemes.

Early 2026 volatility conceals strong bullish fundamentals, with gold targeting $4,600+ and potentially $5,000, and silver eyeing $75–$80+. Geopolitical and macro tailwinds persist, positioning metals favorably—especially in hubs like Mumbai tracking.

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Signet The Biggest-Grossing Jeweller In North America By Far In 2025

Luxury Groups, Specialist Watch Retailers, and Branded Jewellery Players Are Steadily Gaining Ground Against Traditional Mass-Market and Department-Store Operators

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National Jeweler’s latest State of the Majors report highlights a shifting leaderboard among North America’s “$100M supersellers,” which grew from 36 to 37 qualifying retailers in 2025. While Signet Group comfortably defended its first-place crown—generating $6.36 billion across 2,329 stores—the rest of the top ten saw major disruption. Signet’s total watch and jewelry sales for the year were $6.36 billion according to the report and had 2,329 outlets. Second-placed Richemont, the Swiss luxury conglomerate, sold  $3.62 billion, with just 105 locations selling watches and jewlery.             

One of the report’s most notable developments was the rise of Richemont to the No. 2 position, overtaking several larger-format retailers. The Swiss luxury conglomerate, owner of prestigious maisons including Cartier and Van Cleef & Arpels, reported $3.62 billion in watch and jewellery sales through only 105 locations. The performance illustrates the outsized revenue-generating power of luxury retail, with Richemont achieving high productivity per store compared with mass-market competitors.

The reshuffling pushed Walmart down to fourth place, signaling a broader shift in consumer spending toward premium and luxury jewellery categories. Meanwhile, warehouse retailer Costco advanced to No. 5, continuing to strengthen its position in fine jewellery through value-led offerings and member-driven purchasing.

Jewellery brand Pandora also climbed one rank to secure the No. 7 spot, reflecting sustained demand for branded jewellery collections and accessible luxury products. In contrast, luxury powerhouse LVMH slipped to No. 6, while longstanding department store chain Macy’s moved down to eighth place, highlighting increased competitive pressures within traditional retail channels.

Another significant change came at the lower end of the top ten, where Watches of Switzerland Group entered the rankings at No. 10, marking growing momentum for specialist luxury watch retail in North America. Its entry displaced Bucherer to No. 11, emphasizing the increasingly competitive nature of premium watch distribution.

The report points to a broader transformation in North America’s jewellery retail hierarchy, where luxury groups, specialist watch retailers, and branded jewellery players are steadily gaining ground against traditional mass-market and department-store operators. While scale remains a decisive advantage—as demonstrated by Signet’s market leadership—the rankings suggest profitability and influence are increasingly being driven by premium positioning, brand equity, and high-value transactions rather than store count alone.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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