Precious Metals Price Outlook Economic Forecast

Precious Metals Price Outlook

Precious metal prices fall at the sharpest rate in seven months on easing trade fears

Precious metal prices fell 1.3% month-on-month in November, on the heels of October’s 0.5% decrease. Whereas this marked only the second drop in the last six months, it was the sharpest contraction since April.

The downturn in precious metal prices in November came against the backdrop of softening safe-haven demand. Increasing hopes of the U.S. and China closing in on a preliminary trade curbed prices for gold and silver. On the other hand, palladium prices rose for the third consecutive owing to robust demand for auto catalysts and constrained supply. Meanwhile, prices for platinum were broadly unchanged in November.

Our panelists see precious metal prices largely stabilizing next year following this year’s rally. They see prices ticking up 0.2% in Q4 2020 compared to the same period of 2019 (previous edition: -0.3% yoy). That said, precious metal prices will remain elevated as sustained geopolitical risks and lackluster global growth are set to continue support demand for safe-haven assets. In 2021, out panelists see prices falling 3.5% in annual terms in Q4 2021

 

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Precious Metals Historical Price Data

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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