2025 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 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

$0 - $0

Average

$0

— Analyst's average forecast

— Average price year to date

— Average price 2024

— Current price

$22 $26 $30 $34 $38 $42 $46
 

Range

$29.37 - $36.58

Average

$33.19

Silver – commonly referred to as the ‘devil’s metal’ due to its price volatility – is poised to outperform gold in 2025, with its quasi-metals status being a key support factor. Industrial demand for the metal will likely continue to surge to new records, with the metal's role in the photovoltaic sector and electrification a critical driver, helping it outpace a flat to marginal uplift in supply. Additionally, silver may continue to benefit from its precious metals status, alongside gold, as continued strong central bank purchases and further Fed rate cuts prove supportive. Despite the above ground stocks dampening the deficits in the market, positive investor sentiment towards the metal could narrow the gold-silver ratio below 2024's average of 84.8.

— 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

$930 - $1,130

Average

$1,034

The platinum market deficit will likely be sustained through the decade, boosted by the combination of substituting platinum for palladium and rhodium in autocatalysts, a slower than expected BEV uptake, and sustained industrial demand. New demand – for hydrogen fuel cells in particular – may revive mid- to long-term consumption growth, even as BEVs take more market share, further driving the outlook for higher prices. That said, limited mined supply growth could do little to offset strong demand, as miners restructure operations through the lower price environment. But, with significant above-ground stocks, prices may remain range-bound over the near-term.

— 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

$900 - $1,050

Average

$970

Rising battery vehicle sales and mounting recycled supply paint a grim medium-term outlook for palladium, with the market tilting toward multiyear surpluses from 2027. Yet risks to primary supply could keep the market in a larger deficit in the near term, offsetting a decrease in demand. Mines operating at the margin needing to restructure may keep the near-time fundamental picture in view, with the metal finding some downside protection, as the long-term sentiment-induced price plunge finds a floor through the year.