Precious Metals Price Outlook Economic Forecast

Precious Metals Price Outlook

Precious metal prices continue to fall in October

Precious metal prices dipped 0.5% month-on-month in October, softening from September’s 2.5% fall. The result marked the fifth consecutive month of declining prices.

The downturn was mainly due to falling prices for palladium, which was the result of a struggling automotive industry. Global car manufacturers continued to struggle to ramp up production due to the global semiconductor shortage, and consequently demand for palladium remained muted. Meanwhile, gold prices dipped slightly in October, due to weaker safe-haven demand as the global economy continued to recover amid strong progress on the vaccination front. On the other hand, platinum and silver prices gained traction in October, likely supported by healthier industrial demand.

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Precious Metals Historical Price Data

2015  2016  2017  2018  2019  
Gold1159.8  1248.54  1258.46  1269.41  1393.23  
Silver15.71  17.15  17.06  15.72  16.22  
Palladium690.55  614.03  869.99  1030.5  1538.2  
Platinum1051.85  987.37  948.13  879.15  863.77  

Note:
Gold prices in USD per troy ounce (toz).
Silver prices in USD per troy ounce (toz). 
Palladium prices in USD per troy ounce (toz). 
Platinum prices in USD per troy ounce (toz). 
All prices are average of period (aop). 

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