2025 Precious Metals Forecast Survey

Julia Du

ICBC Standard Bank

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

$2,550 - $3,100

Average

$2,850

We project that gold prices in 2025 are likely to continue their upward trend, albeit with potential fluctuations. The average price for the year is forecast to be around $2,850 per ounce, with a range between $2,550 and $3,100. This prediction is based on several key factors: persistent geopolitical risks, continued gold reserve accumulation by central banks, especially in emerging markets, potential inflationary pressures from Trump's re-election and associated fiscal policies, stricter trade tariffs and global economic uncertainties that may enhance gold's appeal as a safe-haven asset. However, the Federal Reserve's more hawkish stance, with only two expected rate cuts in 2025, could strengthen the dollar and potentially limit gold's gains. It's important to note that with gold prices currently at historic highs, the potential for significant further increases may be limited. Any positive economic or geopolitical news could prompt investors to take profits, leading to price corrections.

— Analyst's average forecast

— Average price year to date

— Average price 2024

— Current price

$22 $26 $30 $34 $38 $42 $46
 

Range

$28.50 - $36

Average

$32

Silver prices in 2025 will show moderate growth, averaging around $32.0 per ounce, with a range between $28.5 and $36.0. The dual nature of silver as both a safe-haven asset and an industrial metal may lead to greater price volatility compared to gold. This forecast considers several key factors, including strong industrial demand – particularly in electronics and photovoltaics, cautious interest rate cuts by the Federal Reserve, and the correlation with gold amid global economic uncertainties. While China's sluggish economic outlook may impact industrial output, further stimulus measures from Beijing could help offset this effect. On the supply side, slow growth in silver mining production has led to tight market conditions, and the silver deficit is expected to persist. Additionally, high inflation resulting from Trump's policies could enhance silver's attractiveness as a hedge against currency devaluation. However, it is important to note that prices may not continue the strong upward trend seen in 2024, as current levels are approaching historical highs, with a strong dollar likely capping further gains.

— 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 - $1,300

Average

$1,100

In 2025, platinum prices are expected to fluctuate between $850 and $1,300 per ounce, with an average annual price estimated at around $1,100 per ounce. Positive factors include the potential adverse impact of Trump's return to office on the US electric vehicle market, such as the cancellation of electric vehicle (EV) purchase subsidies and reduced support for EV sales, which would benefit the traditional automotive industry and increase demand for platinum. Additionally, tariffs are limiting the overseas sales of Chinese electric vehicles, while intense competition and price wars in China's EV market have led to the collapse of several car manufacturers, further affecting overall EV sales and sustaining demand for traditional vehicles. High U.S. interest rates may suppress consumer purchasing willingness, and uncertainties in China's pessimistic economic outlook could negatively impact automotive sales and platinum demand. Despite a projected supply shortage, the Federal Reserve's hawkish stance and a strong dollar may exert downward pressure on prices. Overall, increased automotive demand may not be enough to push platinum prices significantly higher.

— 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

$1,000

In 2025, palladium prices are anticipated to range between $800 and $1,200 per ounce, with an average annual price projected at around $1,000. Similar to platinum, palladium may benefit from a potential slowdown in electric vehicle sales, which could bolster traditional automotive demand. Additionally, if Trump implements policies that negatively impact the EV market – such as eliminating purchase subsidies – this could further support the traditional automotive sector. However, the demand for palladium is limited by the increasing use of platinum as a substitute. Additionally, the high interest rate environment in the US could dampen consumer purchasing power, adversely affecting overall vehicle sales. Uncertainties in China's economic outlook, particularly regarding sluggish growth and low consumer confidence, may also weigh on demand. Overall, while there are factors that could support palladium prices, the competitive pressures from platinum and broader economic uncertainties contribute to a more cautious outlook compared to platinum's forecast.