Precious metals consultancy Metals Focus has published its new price outlook for 2025, predicting further gains for gold and silver and a mediocre performance for most platinum group metals (PGM).
According to the firm, spot gold prices will hit new all-time highs of about $3,000/oz in 2025 on the back of further interest rate cuts, geopolitical concerns and central banks portfolio diversification. However, the average gold prices may hover around $2,800/oz by the first quarter of next year, easing to about $2,400/oz by the end of 2025.
Central bank purchases would support the price, which will be offset by high US equity market valuations and thereby the potential for a correction in equities.
“Longer-term strategic investors have also expressed concerns about the direction of US government debt given scant sign of fiscal prudence in Washington,” Metals Focus said.
As for silver, prices may reach $35/oz by the second quarter of 2025, as this precious metal usually moves in tandem with the gold market, being influenced by similar trends. Hence, its price may fall below $30/oz by the last quarter of next year.
Metals Focus sees the price of platinum to be mostly rangebound throughout 2025, crawling 13% to a yearly average of $1,070/oz thanks to sizeable physical deficit.
Despite significant supply deficits, palladium remains under pressure from a bearish view of long-term fundamentals, averaging $1,010/oz in 2025, a 3% increase year on year. The biggest headwind for PGM remains the outlook for battery electric vehicles substituting combustion engine cars in terms of production and sales despite PGM markets supply deficit.
Theodor Lisovoy, Managing Editor, Rough&Polished
