2025 Precious Metals Forecast Survey

Kirill Kirilenko

CRU International

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

$2,450 - $2,900

Average

$2,580

The steady and powerful gold rally observed in 2024 is expected to evolve into a more volatile ‘rollercoaster’ in 2025. While monetary easing and central bank gold buying will continue to provide key support for gold prices, several headwinds are emerging. One of these is the potential reduction in geopolitical risk. A de-escalation of tensions in the Middle East and/or a peace deal between Russia and Ukraine could significantly reduce the geopolitical risk premium that has underpinned gold prices. Meanwhile, the introduction of universal tariffs or large-scale tax cuts by the Trump administration presents another challenge. These actions are likely to spur inflation, which may initially push gold prices higher as investors seek an inflation hedge. However, rising inflation may prompt the US Federal Reserve to pause rate cuts – or even begin raising interest rates again – boosting the attractiveness of the US dollar. A stronger dollar may put downward pressure on gold, potentially limiting its upward momentum. Three most important drivers for gold prices in 2025: 1. Geopolitical developments 2. US Fed’s monetary policy decisions 3. Donald Trump’s economic and trade policies

— Analyst's average forecast

— Average price year to date

— Average price 2024

— Current price

$22 $26 $30 $34 $38 $42 $46
 

Range

$26.50 - $35

Average

$31.35

The fundamental factors point to a positive outlook for silver prices in 2025. Strong demand growth from key sectors, such as solar panels and electronics, is expected to play a significant role in driving prices higher. As these industries continue to expand, particularly with the global push for renewable energy and technological advancements, the demand for silver is likely to remain strong. At the same time, silver supply is expected to grow only moderately, contributing to a tightening of the market. This growing supply-demand imbalance, coupled with ongoing monetary easing by major central banks, should continue to attract investor interest, creating a favourable environment for price growth in 2025. Key risks include the pace of the ‘green energy’ transition, base metals’ mine supply dynamics which could influence availability of by-product silver, and the potential for economic recessions, which could dampen industrial demand.

— 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

$870 - $1,080

Average

$983

In 2025, platinum market fundamentals are expected to soften as supply is forecast to grow faster than demand. With few significant new industrial applications on the horizon and investor interest remaining tepid, driving prices higher will be challenging. Platinum miners are therefore in a critical position to support prices by implementing more aggressive production cuts. These cuts will reduce the overall supply of platinum, potentially tightening the market and creating upward price pressure. With this scenario in mind, we forecast a moderate rebound in platinum prices for 2025, with an annual average price increasing to $983/oz. This projected price movement hinges largely on the ability of producers to effectively manage supply levels while navigating ongoing challenges in industrial demand. Meanwhile, any changes in investor behaviour could add an extra layer of support or challenge to the platinum market in the coming year.

— 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

$850 - $1,100

Average

$950

The fundamentals of the palladium market are expected to continue softening in 2025, primarily driven by concerns of oversupply and weak demand growth. A key factor in this trend is the ongoing shift toward vehicle electrification, which reduces the demand for palladium in automotive catalytic converters. As the automotive industry increasingly adopts battery electric vehicles, palladium's heavy reliance on the internal combustion engine market is backfiring, exacerbating the market’s structural imbalances. This transition, coupled with limited growth in demand from other industrial sectors, presents a significant challenge for palladium prices. Overall, growing market liquidity, fuelled by weaker demand and oversupply, suggests that palladium prices are expected to remain under pressure throughout 2025, with limited potential for significant upward movement unless there is a shift in demand dynamics or significant production adjustments.