2025 Precious Metals Forecast Survey

Michael Hsueh

Deutsch 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 - $3,000

Average

$2,725

We think the scope for gold correction will be limited to the USD 2,550-2,650/oz zone, largely because of evidence already seen that Asian physical investment and reserve manager demand is taking advantage of the relative calm in prices to increase buying. We expect a positive inflection point for gold may be seen around the middle of the year, and allow gold to resume an upward path towards our year-end target of USD 2,900/oz. Two factors may help to bring this about; one is a potential peak in the USD and US Treasury yields, and the second is greater clarity on the nature of US trade policy, negotiations between concerned parties including China on the targeted issues, and any resulting trade dislocations. Three most important factors: 1. The appetite and buying capacity of Asian physical investors in the context of an improved social safety net in China, 2. Whether or not any major new geopolitical conflicts erupt outside of the Israel-Gaza-Lebanon region and Ukraine 3. The breadth and scope of US aggression in trade tariffs and trade relationships, which we would see as a negative for gold.

— Analyst's average forecast

— Average price year to date

— Average price 2024

— Current price

$22 $26 $30 $34 $38 $42 $46
 

Range

$29.60 - $35

Average

$32.40

For silver, we think the rise in the gold-silver ratio towards a multi-year high of 91 at the start of January was evidence of a pessimistic view on the impact of the possible disruption to the international trade system. Whether silver is able to find a footing and recover in relative terms to gold, we think may be a function of the overall impact to industrial demand arising from stronger US growth and inflation, weaker conditions in Europe, and China's policy support for growth centering on consumption as a top priority. Our view is that the incoming US administration will tailor economic and trade policy to promote national prosperity, and that global economic growth may be nearly as strong as last year (3.1% vs 3.2% in 2024), in which case silver is likely to recover along with gold in the second half to US$35/oz.

— 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