2025 Precious Metals Forecast Survey

Bruce Ikemizu

Japan Bullion Market Association

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

— Average price 2024

— Current price

$2,200 $2,300 $2,400 $2,500 $2,600 $2,700 $2,800 $2,900 $3,000 $3,100 $3,200 $3,300 $3,400 $3,500
 

Range

$2,500 - $3,100

Average

$2,870

The 2024 rally was beyond anyone’s imagination and the trend is still ongoing. Brics+ central banks will continue switching their USD to gold especially with Trump in charge. US debt will most likely increase with his policy of tax deductions and higher tariffs. That may lead to the downgrade of the US debt and more de-dollarisation. Gold is appreciated as a necessary investment item in portfolios now and money allocations from both funds and retail investors will increase regardless of the interest rate or dollar strength. Gold may not rally as much in 2025 compared to 2024 but still there is enough support to reach $3,000. Key factors that impact gold price: • Continuing de-dollarisation (= emerging countries’ central bank buying) • Geopolitical tensions and uncertainties being created by the Trump 2 administration.

— Analyst's average forecast

— Average price year to date

— Average price 2024

— Current price

$22 $26 $30 $34 $38 $42 $46
 

Range

$27 - $40

Average

$35

My forecast for silver remains pretty much the same as the last year: bullish. My forecast last year was still a little too weak ($26 against $28.27 actual). Supply shortage has hit five consecutive years, with no signs of change. Above ground stock must be decreasing looking at stocks sharply going lower in Loco London. This supply and demand situation in addition to a steady gold price could boost silver price more than gold.

— Analyst's average forecast

— Average price year to date

— Average price 2024

— Current price

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

Range

$850 - $1,200

Average

$980

My commentary is the same as last year. Platinum had a disappointing year in 2024 and it is still confined in a very tight range of $850-1100. It seems that this range will continue in 2025. The ‘buy below $900, sell above $1,000’ strategy is still good although I would initiate the long position first. Supply shortages and the South African mining situation may bring higher prices, while the China economy has the key to the global demand.

— Analyst's average forecast

— Average price year to date

— Average price 2024

— Current price

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

Range

$800 - $1,200

Average

$950

Palladium in 2024 bottomed out at $825. But the upside was quite limited with the general bearish view of the investors who were happy to be short in Nymex because of the drive train change to EV. This trend would continue, also the bottom is firm at $800. So, I expect 2025 again to be in a range market.