2023 Precious Metals Forecast Survey

Thorsten Polleit

Degussa Goldhandel

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

$1,850 - $2,200

Average

$2,000

The price of gold can be expected to be strongly supported by economic developments in 2023. Most notably, there is a good chance that major central banks will lower interest rates again as early as H2 of this year as inflation eases and growth disappoints. With real interest rates remaining well in negative territory, increasing demand from private investors and (non-Western) central banks, in particular, has a good chance of driving the gold price higher – especially so as gold is, from our point of view, currently moderately priced.

— Analyst's average forecast

— Average price 2023

$10 $14 $18 $22 $26 $30 $34 $38 $42
 

Range

$23 - $29

Average

$26

The price of silver is likely to follow the yellow metal’s lead in 2023, providing investors with an opportunity to outperform. At a more fundamental level, the case for silver is greatly strengthened by “new” demand potential from renewable energy technologies and non-carbon-emitting vehicles, which, in turn, has a good chance of outpacing silver demand from the “old” industry. A rising silver price will likely attract additional investment funds, which will also help drive silver prices significantly higher this year.

— Analyst's average forecast

— Average price 2023

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

Range

$950 - $1,250

Average

$1,150

We expect the supply side of platinum to remain relatively constrained in 2023, with demand from the automotive, industrial and jewellery sectors growing at a decent clip. Investment demand for platinum bars and coins is also expected to continue to rise, offsetting a continued decline in ETF investments. This supply-and-demand constellation will likely result in a deficit in the platinum market after many years of surpluses. We expect demand for platinum to increase in the coming years even as automotive platinum demand for catalytic converters may decline. The price of platinum has a good chance of climbing higher from its currently relatively modest trading level.

— 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

$1,300 - $1,450

Average

$1,550

In our view, palladium is trading at an inflated price, even after a substantial mark-down since mid-2021. Palladium has benefitted greatly from the shift from diesel to gasoline engines in recent years. Electric cars that are battery-charged do not currently use platinum or palladium. With demand being overwhelmingly driven by the automotive industry, palladium’s future is rather unclear. In any case, we do not believe palladium should be trading too far above our estimated platinum price.