2023 Precious Metals Forecast Survey

Rohit Savant

CPM Group LLC

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

$1,740 - $1,980

Average

$1,862

Gold prices are expected to remain at elevated levels during 2023. Expectations of a recession, still high inflation and a slowing in the pace of monetary policy tightening by the Fed are projected to provide support to gold prices during the year. The greatest strength in prices is likely to occur during the fourth quarter of the year. This increase in prices is expected as central banks prepare to potentially reverse policy, if warranted by economic conditions, during the fourth quarter of 2023 or more likely in 2024.

— Analyst's average forecast

— Average price 2023

$10 $14 $18 $22 $26 $30 $34 $38 $42
 

Range

$21 - $25.80

Average

$24.22

Silver prices are expected to move in a mostly sideways fashion, with a slight upward bias. The forecast strength in gold prices is expected to keep silver prices supported. Slowing economic growth is likely to hurt some of silver’s end uses; however, healthy investment demand and ongoing demand from the solar panel sector should help to prevent any sharp decline in prices.

— Analyst's average forecast

— Average price 2023

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

Range

$850 - $1,145

Average

$1,095

Platinum prices are forecast to remain supported at elevated levels during 2023. An ongoing increase in platinum use in gasoline autocatalysts, weakness in the US dollar versus the South African rand, and overall strength in precious metals prices during 2023 are expected to keep platinum prices supported during the year. That said, the metal does face headwinds from a slowing global economy and consequently weakness in commercial vehicle demand.

— 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

$1,500 - $2,060

Average

$1,712

Palladium is expected to be an outlier among the exchange traded precious metals, with annual average prices expected to decline during the year. Weakness in auto sales is expected to be the primary culprit of weaker palladium fabrication demand. While some factors that influence auto demand are expected to improve, there are others that are expected to continue acting as headwinds. For one, the inventory crunch of 2022 in the auto sector is expected to ease in 2023, making more vehicles available for sales. This is expected to be met by slowing economic growth and higher interest rates, which are expected to dampen demand. The fabrication demand side could remain a headwind to palladium prices. The increased use of platinum in gasoline catalysts and the growing market share of electric passenger vehicles are the two greatest threats to palladium fabrication demand.