Gold and silver prices rebounded sharply after coming under pressure earlier in the week. Gold is currently approaching $4,400 an ounce, while silver is moving toward $67 an ounce. The precious metals had come under pressure following the U.S. Federal Reserve’s decision to raise its benchmark interest rate by 25 basis points to 3.75-4.00% and signal the possibility of further tightening. The latest recovery has been supported by easing oil prices, a pullback in U.S. Treasury yields and a softer U.S. dollar.

The rebound is also constructive for the Zacks Basic Materials sector, which is on track to report 31.2% growth in earnings in the third quarter of 2026. Per the latest Earnings Trends report, the sector is expected to deliver earnings growth of 43.8% in 2026. It is one of the nine sectors expected to post double-digit earnings growth this year.  

Against this backdrop, it would be worthwhile to watch stocks like AngloGold Ashanti plc (AU Quick QuoteAU - Free Report) , Galiano Gold (GAU Quick QuoteGAU - Free Report) , First Majestic Silver (AG Quick QuoteAG - Free Report) and Endeavour Silver (EXK Quick QuoteEXK - Free Report) , which are poised for growth backed by production and expansion catalysts, supported by cash resources and ongoing investment in their operations.

Gold and Silver Outlook: Key Drivers to Watch Through 2026

Gold and silver have experienced volatility this year as investors weighed monetary policy, geopolitical developments, inflation and currency movements. Both metals reached record highs earlier this year, with gold touching $5,608.35 per ounce and silver reaching $121.64 per ounce in January.

Geopolitical uncertainty can support demand for gold as a safe-haven asset. However, heightened tensions in the Middle East also triggered sharp moves in oil prices and inflation expectations. The resulting increase in expectations for tighter monetary policy weighed on precious metals. Despite the pullback, gold remains up 19% year over year, while silver has gained 55.5%.

At its latest meeting, the Federal Reserve raised benchmark interest rates by 25 basis points to 3.75-4%. This marked the first-rate increase since 2023 and a notable policy reversal after three consecutive cuts. 

Meanwhile, crude oil prices retreated after reports of repairs to Saudi Arabia’s damaged East-West pipeline eased concerns about supply disruptions. Treasury yields also moved lower from multi-year highs, while the dollar retreated from a seven-week high amid declining yields and oil prices. These developments helped trigger a sharp recovery in gold and silver.

Going forward, the outlook for both metals is likely to remain closely tied to monetary policy, inflation, the U.S. dollar, Treasury yields and geopolitical developments. Gold could continue to benefit from central-bank purchases and safe-haven demand if macroeconomic uncertainty remains elevated. Silver may receive additional support from industrial demand and constrained supply.

Longer-term supply dynamics also remain supportive. Developing new mines requires significant capital investment and lengthy development timelines, while demand for both metals continues to expand. This combination could provide a supportive backdrop for precious-metal prices and mining companies with production growth opportunities.

4 Gold & Silver Stocks to Watch

With the help of our Zacks Stock Screener, we have identified four gold and silver mining stocks, which currently carry a Zacks Rank #3 (Hold) and have a VGM Score of A or B, with earnings growth potential. Their estimates have also seen positive revisions over the past 60 days and the stocks have also gained so far this year. 

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. 

AngloGold Ashanti

Despite the sale of Serra Grande in December 2025 and lower production at Obuasi due to a contractor fatality in April 2026, the company is on track to achieve its 2026 production guidance. The company has undertaken a comprehensive portfolio review to identify opportunities to unlock additional value from its existing assets. It has identified a pipeline of high-return, capital-efficient brownfield projects that could support incremental gold production from 2029 onward. These opportunities include mining, processing and recovery improvements at Obuasi, Geita, Sukari, Siguiri and Cuiabá. 

The strategy is focused on leveraging existing infrastructure and ore bodies to bring forward potentially high-return ounces while optimizing the performance of its current asset base. AngloGold is also advancing longer-term Tier One growth opportunities at the North Bullfrog and Arthur Gold projects in Nevada. Meanwhile, the company's Full Asset Potential Program and broader operational-improvement initiatives are helping drive cost efficiencies, enhance productivity and strengthen the overall resilience of its portfolio.

Headquartered in Greenwood Village, CO, AngloGold Ashanti operates as a gold mining company in Africa, Australia and the Americas. The Zacks Consensus Estimate for AU’s 2026 earnings indicates year-over-year growth of 54%. The estimate has moved up by 0.5% over the past 60 days. The company currently carries a Zacks Rank of 3 and has a VGM Score of A.

Galiano Gold

The company remains on track to achieve its 2026 production of 140,000-160,000 ounces, with meaningful production growth expected by 2027. The company is advancing development activities at the Nkran, Esaase and Abore deposits, which provide opportunities to increase production, reserves and resources. Development of Cut 3 at the Nkran deposit continued to gain momentum in the second quarter, with 6.1 Mt of waste mined, an increase of 30% from the first quarter of 2026. Additional mining equipment is expected to be mobilized during the third quarter, leading to a further acceleration of mining rates at Nkran in the second half of 2026. Nkran Cut 3 is expected to support a production profile of more than 200,000 ounces annually. 

Meanwhile, drilling programs at Abore and Esaase are progressing. The programs are designed to expand the Asanko Gold Mine’s mineral resources and reserves by converting inferred open-pit resources at Esaase to the indicated category and testing extensions of mineralization at Abore approximately 200 meters below the existing underground mineral resource.

Headquartered in Vancouver, Canada, Galiano Gold is focused on the operation, exploration and growth of the Asanko Gold Mine in Ghana, West Africa, in which GAU has a 90% stake. The Zacks Consensus Estimate for the company's fiscal 2026 earnings has moved up 5.6% over the past 60 days. The estimate suggests year-over-year growth of 147.8%. GAU currently carries a Zacks Rank of 3 and a VGM Score of A.

First Majestic Silver

With strong production results so far in 2026 and the company’s progress on throughput expansions across all mine sites as well as continued operating efficiencies, First Majestic raised the 2026 attributable consolidated production guidance to 14.6-15.5 million silver ounces, from the original guidance of 13 -14.4 million. The company has also raised its gold production expectations to 128,000 – 135,000 ounces from the previous 116,000 to 129,000 ounces. 

Management has increased the 2026 capital budget to a range of $318-$344 million to support key growth initiatives, including the Jerritt Canyon restart program, development projects at Santa Elena including Navidad and the early advancement of underground access to Santo Niño for near-term mining, further development across San Dimas, Los Gatos and La Encantada, and the acquisition of additional equipment to enhance and sustain higher throughput rates at Los Gatos.

Headquartered in Vancouver, Canada, First Majestic Silver engages in the acquisition, exploration, development and production of mineral properties in North America. The Zacks Consensus Estimate for First Majestic’s 2026 earnings has moved up 1% in the past 60 days. The estimate indicates year-over-year growth of 76.1%. First Majestic currently carries a Zacks Rank of 3 and a VGM Score of B.

Endeavour Silver

The company delivered a strong second quarter supported by higher production, record metal sales, improved mine operating cash flow and a strengthened balance sheet. Endeavour Silver is sharpening its focus on core silver assets as it advances its growth strategy. In line with this strategy, the company sold its Bolañitos silver and gold mine in January 2026, allowing it to concentrate capital and resources on assets with greater long-term growth potential. The acquisition of Minera Kolpa, completed in May 2025, has also strengthened the company's operating portfolio and provided an additional platform for production growth. 

In October 2025, the company achieved commercial production at its Terronera mine in Jalisco state, Mexico. The mine is currently ramping up toward full capacity. The company is also progressing the Pitarrilla Feasibility Study, providing another potential avenue for longer-term production growth. With these initiatives advancing simultaneously, Endeavour Silver has multiple operational and development catalysts to support production growth through the second half of 2026 and beyond. Its continued focus on exploration, mine development and operational optimization provides a foundation for organic growth as the company works toward establishing itself as a leading senior silver producer.

Endeavour is a mid-tier silver producer with three operating mines in Mexico and Peru and a robust pipeline of exploration projects across Mexico, Chile and the United States. The Zacks Consensus Estimate for this Vancouver, Canada-based company’s 2026 earnings has moved up 15% over the past 60 days. The estimate indicates year-over-year growth of 3,500%. Endeavour Silver currently carries a Zacks Rank of 3 and a VGM Score of B.

Endeavour Silver Corporation Price and Consensus

Endeavour Silver Corporation price-consensus-chart | Endeavour Silver Corporation Quote