2025 Precious Metals Forecast Survey

Grant Sporre

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

$2,350 - $3,000

Average

$2,727

Most of gold's positive drivers that lifted prices to record levels in 2024 are still in place. Yet the intensity of these drivers may cool somewhat over the course of 2025, with bullion already pricing in a lot of these positive catalysts already. Overall, we expect gold's tailwinds to boost the average price up again in 2025, but not to the same extent as in 2024. Geopolitical risks are likely to stay elevated with Trump's return to the White House unlikely to be a calming influence, which could see central banks, especially emerging markets, continue to add gold to their reserves at a brisk rate. Real interest rates are likely to fall further as the Fed cuts rates, although a change in pace may wrong-foot the market which could see the Fed become a headwind for gold, at least temporarily. Three main drivers for gold: 1. Continued perceptions of elevated geopolitical risks spilling over into the financial markets 2. Continued central bank bullion purchases well above the average 3. Pace of the Fed rate cut cycle

— Analyst's average forecast

— Average price year to date

— Average price 2024

— Current price

$22 $26 $30 $34 $38 $42 $46
 

Range

$0 - $0

Average

$0

— 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

$0 - $0

Average

$0

— 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

$0 - $0

Average

$0