2025 Precious Metals Forecast Survey

Peter Fertig

QCR Quantitative Commodity Research Ltd.

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

$2,475 - $2,945

Average

$2,735

Central banks will play a crucial role for the price development of gold in 2025 for several reasons. First, they are the decisive influence on short-term interest rates. And they will not follow the lead of the Fed, but will set the monetary policy rates according to the economic development in their currency areas. The Federal Open Market Committee (FOMC) at the last meeting in 2024 indicated that there will be only two further cuts by 25 bp respectively. The European Central Bank, however, is faced with a sluggish economy in the Euro zone and will have to cut its key interest rate quicker and faster to support the economy. A risk factor for the Fed remains the fiscal policy of Donald Trump after his inauguration in January. Higher tariffs only support the US economy if they lead to higher prices for US producers. It has to be expected that US inflation will increase again, which could strengthen the US dollar and weaken the price of gold. However, central banks also play a role as investors in gold, which is part of the currency reserves. Geopolitical tensions will cause more central banks to increase their holding of gold, especially in the BRICS countries.

— Analyst's average forecast

— Average price year to date

— Average price 2024

— Current price

$22 $26 $30 $34 $38 $42 $46
 

Range

$26 - $36.25

Average

$29.25

The price development of silver is also related to the monetary policy actions of central banks and the impact on the US dollar. Thus, a stronger US dollar will be a negative factor for silver. But, as soon as the European Central Bank signals that the bottom for the economy and interest rates is reached, silver will have the potential to rebound. However, silver is not a metal for holding larger amounts of currency reserves, and thus, it will not profit from central banks investing more in precious metals. This will be compensated by the industrial use, which is expected to increase and to support silver.

— 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

$825 - $1,075

Average

$935

The developments of the US dollar in the foreign exchange markets play a role for the price movements of the PGMs. However, the dominating factor is the demand from the automotive industry for catalytic converters. While some car manufacturer in Europe prefer to equip their vehicles with a fossil fuel burning combustion engine, the demand for e-vehicles in China is still on the rise. This implies that the demand for PGMs from the automobile sector is likely to decline and to weigh on the prices.

— 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

$840 - $1,125

Average

$945

Palladium found a bottom and traded sideways in 2024. Prices were again in close vicinity to those of platinum. Also, for palladium the shift towards e-vehicles is a negative factor. In addition, the interest of financial investors is rather low if a market trades sideways and there is no story for rising demand or falling supply. Therefore, a continuation of prices fluctuating within last year’s trading range appears to be the most likely scenario.