Precious Metals Price Outlook Economic Forecast

Precious Metals Price Outlook

Precious metal prices surge at the strongest pace in nearly three years in June on robust demand for safe-haven assets

Precious metal jumped 5.6% month-on-month in June, rebounding firmly from a 0.9% drop in May. June’s reading marked the fastest increase in prices since July 2016, as well as an end to three consecutive months of falling prices.

Prices rose in June on a jump in demand for safe-haven assets, especially gold, on the heels of dovish turns by key global central banks and amid an uncertain global economic outlook. Moreover, palladium prices found additional support in tight global supply, whereas platinum prices dipped in June on the back of the declining market share of European diesel-powered cars.

FocusEconomics panelists see precious metal prices increasing 12.1% in Q4 2019 compared to the same period of 2018 (previously reported: +9.3% year-on-year). The significant increase reflects elevated geopolitical risks amid global trade uncertainty and the lower interest rate environment, which will spur demand for safe-haven assets. Momentum in prices is seen carrying over into next year, although it should soften considerably, with FocusEconomics panelists projecting precious metals prices to increase 1.1% year-on-year in Q4 2020.

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Precious Metals Historical Price Data

2013  2014  2015  2016  2017  
Gold1410.71  1265.83  1159.8  1248.54  1258.46  
Silver23.82  19.07  15.71  17.15  17.06  
Palladium725  803.44  690.55  614.03  869.99  
Platinum1485.41  1383.61  1051.85  987.37  948.13  

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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