Precious Metals Price Outlook Economic Forecast

Precious Metals Price Outlook

PRECIOUS METALS | Precious metal price growth accelerates in June

Precious metal prices edged up 1.7% month-on-month in June, which was faster than May’s 1.2% upturn, and marked the sixth increase in the past seven months.

Strong safe-haven demand, unprecedented liquidity measures by major central banks and ultra-low interest rates globally continued to support precious metal prices at the end of Q2, especially for gold and silver. Moreover, platinum price growth also accelerated for a second month running in June, further fueling the overall increase. Furthermore, supply concerns pushed palladium prices higher in June, after prices plunged in May on relatively depressed demand prospects.

The precious metal price outlook remains bullish in July, with FocusEconomics panelists projecting prices to jump 15.1% annually in Q4 2020 (previous edition: +12.2% yoy). The upbeat outlook reflects sturdy safe-haven demand for gold due to the global recession, widespread interest rate cutting by major central banks, elevated geopolitical uncertainty and the risk of further Covid-19 outbreaks. In contrast, silver and platinum prices are seen falling due to weak industrial demand relative to last year. That said, constrained supply should boost palladium prices. Our panelists see precious metals prices stabilizing further ahead and project a 0.7% increase in annual terms in Q4 2021.

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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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