Precious Metals Price Outlook Economic Forecast

Precious Metals Price Outlook

Precious metal prices fall for second month in a row in April

May 15, 2019

Precious metal prices declined for the second consecutive month in April, falling 1.7% month-on-month and well below March’s 0.8% decrease.

Strong economic data from the United States and news that trade negotiations between China and the United States were improving pushed down demand for precious metals, especially gold, in April. Moreover, palladium ended the rally it started in September 2018, which brought the commodity to trade above gold for the first time since 2002. Profit-taking and disappointing car sales in China, the EU and the U.S. also caused palladium prices to drop. Platinum prices, meanwhile, continued to benefit from the still-large discount against its sister metal palladium. Both palladium and platinum are used to produce catalytic converters.

FocusEconomics panelists see precious metal prices rising 9.9% in Q4 2019 compared to the same period of 2018 (previous report: +9.7% year-on-year). The expected robust rise reflects ongoing geopolitical threats, and the consequent increased demand for safe-haven assets, as well as a base effect from last year. The rally in precious metal prices is expected to continue next year, with FocusEconomics panelists projecting a 3.3% increase in Q4 2020 in annual terms.

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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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