Precious Metals Price Outlook Economic Forecast

Precious Metals Price Outlook

Precious metal prices rise in December 

Precious metal prices increased 3.6% month on month in December, after November’s 2.9% rise. This came on the back of higher prices for all precious metals except palladium.

December’s overall uptick in precious metal prices was driven by a weaker U.S. dollar, which depreciated by over 3% on average in the month relative to November. This made purchasing precious metals more affordable for holders of other currencies. Moreover, after peaking in late October, U.S. Treasury yields continued to trend down in December, increasing the attractiveness of precious metals—which bear no interest—as an investment. Silver prices could also have been boosted by China’s decision to lift Covid-19 restrictions and the Chinese government’s pledge to shore up growth. In contrast, palladium prices took a knock amid a slowdown in the Chinese car market—palladium is chiefly used in cars’ catalytic converters.

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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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