2023 Precious Metals Forecast Survey

Emmanuel Munjeri

Bloomberg Intelligence

Take a look at the analysts' individual forecasts and commentary, revealing their insights behind their forecasts for highs, lows, and average prices for gold, silver, platinum and palladium.

— Analyst's average forecast

— Average price 2023

$1,400 $1,500 $1,600 $1,700 $1,800 $1,900 $2,000 $2,100 $2,200 $2,300
 

Range

$0 - $0

Average

$0

— Analyst's average forecast

— Average price 2023

$10 $14 $18 $22 $26 $30 $34 $38 $42
 

Range

$0 - $0

Average

$0

— Analyst's average forecast

— Average price 2023

$700 $800 $900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500
 

Range

$940 - $1,170

Average

$1,065

Though we expect platinum to only shift to a deficit from mid-decade, the metal’s surpluses are tightening, as the strong demand outlook and its substitution of palladium outpaces a constrained supply side. While this in turn is likely not to see significant price volatility in 2023 as inventories rebalance, amid our bearish view for PGM metals, the platinum price could hold its ground.

— Analyst's average forecast

— Average price 2023

$900 $1,100 $1,300 $1,500 $1,700 $1,900 $2,100 $2,300 $2,500 $2,700 $2,900
 

Range

$1,610 - $1,840

Average

$1,720

Palladium’s fortunes are tilting towards the downside, as the substitution of palladium for platinum in gasoline autocatalysts and growing battery vehicle market share place downward pressure on palladium prices. With investor interest waning, and the extent of palladium’s deficit steadily narrowing, the metal’s price may face a slow burn over the course of the year. While potential Russia supply side risks may offer some support, we believe peaks above $1,800 an ounce may be short-lived.