Precious Metals Price Outlook Economic Forecast

Precious Metals Price Outlook

 Precious metal price growth hits a nine-month high in February

Precious metal prices increased 3.6% month-on-month in February, after rising 2.5% in January. The result marked the strongest rise in prices since May 2021.

The increase in precious metal prices in February was the result of ongoing inflationary concerns, which raised demand for gold and silver thanks to their attractiveness as a hedge against price pressures. Inflation in the Euro area, the UK and the U.S. increased to levels not seen in several years in January, likely pushing investors towards precious metals and sending prices higher. Moreover, Russia’s assault on Ukraine in late February should have boosted safe-haven demand further, supporting prices for precious metals more broadly. Furthermore, given that Russia is a top producer of both palladium and platinum, recent sanctions and the West’s decision to ban some Russian banks from SWIFT raised supply concerns and sent prices for palladium soaring.

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Precious Metals Historical Price Data

2015  2016  2017  2018  2019  
Gold1159.8  1248.54  1258.46  1269.41  1393.23  
Silver15.71  17.15  17.06  15.72  16.22  
Palladium690.55  614.03  869.99  1030.5  1538.2  
Platinum1051.85  987.37  948.13  879.15  863.77  

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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