2025 Precious Metals Forecast Survey

Robin Bhar

Robin Bhar Metals Consulting

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

$2,400 - $2,900

Average

$2,500

Economic and heightened political uncertainty fuelled by a second Trump presidency will ensure gold remains a vital asset to provide a hedge. Geopolitical risks continue to bubble in various hot spots adding to inflationary risks and continued safe-haven demand for gold. Central bank buying should continue to be an important support factor, as will continued portfolio diversification and speculative money on the long side. Huge government deficits and huge increases in public and private debt should support the gold price on continued debasement fears. The three most important factors that will impact on the gold price in 2025: 1. US monetary policy 2. Central banks 3. Geopolitics

— Analyst's average forecast

— Average price year to date

— Average price 2024

— Current price

$22 $26 $30 $34 $38 $42 $46
 

Range

$29 - $36

Average

$34

Many of the bullish drivers for gold also apply to silver, while global growth/industrial activity is likely to boost jewellery demand and the metal has more industrial applications and is critical to green technologies (solar PV, EVs, 5G networks, etc.). The strength of global silver industrial demand is expected to maintain the market in a deficit and drawing down tight silver inventories further. Investor interest will be boosted by silver’s key role in the energy transition.

— 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

$900 - $1,200

Average

$1,010

A platinum market in deficit and a fall in above ground stocks will underpin a rise in platinum prices. Speculative interest is likely to be rekindled on rebounding auto-catalyst demand over the course of the year, with interest switching out of the other precious metals into platinum, on perceived platinum outperformance.

— 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

$900 - $1,300

Average

$1,000

Demand for palladium in the automotive industry – the largest customer at more than 80% – is expected to remain subdued. Overall, supply remains in a shortfall, keeping the metal in deficit in 2025. However, the rate of substitution and continued thrifting of palladium is likely to hamper demand.