Precious Metals Price Outlook
Precious metal prices rise in February on soaring safe-haven demand
Precious metal prices increased 3.3% month-on-month in February, on the heels of January’s 6.5% jump and marking the third consecutive month of rising prices.
Uncertainty over the full impact of COVID-19 and falling global interest rates sent investors flocking to safe-haven commodities in the first two months of this year. In February, the fast-spreading virus increasingly dented global economic activity while global central banks eased their monetary policy stances, in turn shoring up demand for bullion. Silver and platinum prices edged down in the period on lower industrial demand, although palladium prices surged for the sixth consecutive month in February amid sustained supply tightness.
FocusEconomics panelists see a broad-based increase in precious metal prices this year and project them to jump 7.2% annually in Q4 2020 (previous edition: +4.8% yoy). Increasing fears of a global recession due to the impact of the Covid-19 pandemic, an associated downturn in global asset prices and increasingly aggressive interest rate cuts by major central banks all bode well for safe-haven demand ahead. Furthermore, scarce supply should boost palladium prices, although weaker industrial demand could dent silver and palladium price growth. Our panelists see prices stabilizing further ahead and project them edging up 1.0% in annual terms in Q4 2021
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Precious Metals Historical Price Data
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).
Price forecasts and historical data for Energy, Metals and Agricultural Commodities
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