2024 Precious Metals Forecast Survey

Marcus Garvey

Macquarie Bank Ltd.

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 year to date

— Current price

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

Range

$1,925 - $2,300

Average

$2,044

US rate cuts should see the dollar ease and bring back a macro financial environment that is conducive to investing in gold.

Major drivers: US unemployment; US rates; global central bank buying.

— Analyst's average forecast

— Average price year to date

— Current price

$14 $18 $22 $26 $30 $34
 

Range

$22.50 - $27.50

Average

$25.38

Benefits from the macro financial tailwinds for gold and a structural industrial deficit, on account of energy transition-driven demand growth.

— Analyst's average forecast

— Average price year to date

— Current price

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

Range

$925 - $1,250

Average

$1,069

Oversold around $2,023 lows and, with a fragile fundamental balance, susceptible to tightening on any meaningful supply disruptions.

— Analyst's average forecast

— Average price year to date

— Current price

$450 $650 $850 $1,050 $1,250 $1,450 $1,650 $1,850 $2,050
 

Range

$1,050 - $1,400

Average

$1,188

The structurally negative outlook remains clear, but a lot has been pre-priced, with the likelihood of some cyclical relief in 2024.