The active use of platinum autocatalysts in the production of heavy-duty and passenger cars in China may lead to a decrease in the cost of palladium and an increase in platinum prices, experts of the audit and consulting firm Keep said.
The Kept price forecast for 2024 for platinum is $1,111/ounce, and for palladium is $1,251/ounce. For comparison, in the third quarter of 2023, platinum has been trading at around $931/ounce, palladium at approximately $1,382/ounce.
Regarding gold, analysts at Kept are more optimistic. Demand for precious metals remains high, and purchases from China, Japan and Turkey remain. Countries buy gold as a hedge against currency and inflation risks.
At the same time, the gold exchange-traded fund SPDR Gold Trust has reduced its reserves to the minimum volume since January 2020.
Also, the price of gold is under pressure from the strengthening US dollar and the growing yield of US treasury securities. In turn, the US Federal Reserve intends to keep interest rates at a high level with the possibility of further increases.
Against this background, the experts of Kept maintain the forecast of the gold price for 2024 at $1,800-$2,000 per ounce.
Alex Shishlo for Rough&Polished
