Precious Metals Price Outlook Economic Forecast

Precious Metals Price Outlook

Precious metal prices benefit from broad-based gains in October

While last month’s increase in precious metal prices was only driven by palladium’s stellar momentum, this month’s expansion was shored up by price increases in the four commodities of the group. Precious metal prices increased 1.9% on a month-on-month basis in October, up from September’s 0.3% and the largest gain in nine months.

Palladium prices continued to outperform the rest of the pack due to solid car sales and a general switch in the auto industry towards gasoline engines. Escalating tensions between the United States and Russia, the world’s leading producer, also boosted palladium prices. The rest of precious metals benefited from rising risk aversion, a correction in stock markets worldwide and mounting geopolitical tensions.

The U.S. Federal Reserve’s tightening cycle and weaker growth in China—the largest consumer of precious metals for industrial usage—will cause precious metal prices to decline 3.6% year-on-year in Q4 2018 (previous edition: -3.4% yoy). Next year, however, precious metal prices are expected to recover and rise 4.6% in Q4 2019.

 

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Precious Metals Historical Price Data

2012  2013  2014  2015  2016  
Gold1668.69  1410.71  1265.83  1159.8  1248.54  
Silver31.14  23.82  19.07  15.71  17.15  
Palladium643.47  725  803.44  690.55  614.03  
Platinum1549.48  1485.41  1383.61  1051.85  987.37  

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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