2025 Precious Metals Forecast Survey

Wilma Swarts

Metals Focus

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

$0 - $0

Average

$0

— Analyst's average forecast

— Average price year to date

— Average price 2024

— Current price

$22 $26 $30 $34 $38 $42 $46
 

Range

$0 - $0

Average

$0

— 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

$800 - $1,200

Average

$1,010

The palladium price this year will continue to balance precariously between opportunity and crisis. Despite a healthy deficit of 815koz in 2024, the price shed a further 26%, confirming that fundamentals are no longer the primary driver of prices. Instead, the outlook is shaped by investor and trader sentiment, which remains bearish due to electrification and increasing secondary supply, despite the emergence of some near-term tailwinds. Towards end-2024, the net CME managed money position returned to around 1Moz short, reflecting market pessimism. While reports suggest that the new US administration’s revision of battery electric vehicle incentives may benefit fossil-fuelled sales, resolution to the war in Ukraine could unlock previously sanctioned and self-sanctioned Russian palladium, releasing flows to Western markets and weighing on the palladium price. We expect the overhang of short positions, combined with lower industrial stocks, to drive volatility, with a 2025 annual average price of $1,010 and a broad range of $800 to $1,200 amid heightened uncertainty.