Precious Metals Price Outlook Economic Forecast

Precious Metals Price Outlook

Precious metal prices rise for sixth consecutive month in February

Precious metal prices increased for the sixth month in a row in February, rising 2.7% on a month-on-month basis. This was down from January’s 3.2% increase, which had represented the strongest expansion in a year.

All precious metal prices posted gains again in February, with the underlying story broadly unchanged from last month. Safe-haven assets such as gold and silver are benefiting from a less pronounced monetary tightening in the Untied States and a dim global economic outlook. Meanwhile, palladium prices continued to roar on the back of surging demand mostly owing to the shift away from diesel vehicles in the EU and tight supply. Platinum prices, despite increasing in February, still remain at a deep discount to both gold and palladium.

FocusEconomics panelists see precious metal prices rising 7.7% in Q4 2019 compared to the same period of 2018 (previous edition: +6.1% year-on-year). The sharp increase mostly stems from somber global growth prospects, a less aggressive tightening cycle by the Fed and persistent geopolitical risks. Our panelists expect the upward trend to continue in the following year and see prices 3.5% higher in Q4 2020 in annual terms.

 

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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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