Precious Metal Price Forecasts 2025: Gold, Silver Platinum and Palladium

Predicting the short-term price of gold is always a challenge, because many factors influence the price day to day, from geopolitical tensions to central bank interest rates, inflation, exchange rates and stock market performance.

In the short to medium term the price of gold rises and falls. However, if you look at the gold price over 10-year periods in USD or GBP, there is a clear direction to the chart and gold has been the best performing asset this century.

Because so many factors influence the price of gold, predicting the next 5 years between 2025 and 2030 is difficult. Even professional bullion market analysts polled by the LBMA rarely get annual price movements right, let alone gold price predictions over 60 months.

Among the factors affecting a gold price projection, geopolitical tensions can create uncertainty, driving investors towards gold as a safe haven. Central bank interest rates impact the opportunity cost of holding non-yielding assets like gold, while inflation affects the purchasing power of currencies, potentially increasing gold's appeal as a store of value. Exchange rate movements impact gold's relative value across different currencies. Additionally, stock market performance often has an inverse relationship with gold prices, as investors may shift between equities and precious metals based on risk appetite. In 2024, for instance, global stock markets rose, with the S&P 500 rising 25% vs gold's 27% increase.

These diverse and dynamic variables shape gold's daily price movements, making short to medium term predictions challenging. Looking back 5 years to February 2020 in either USD or GBP, there were many periods when the gold price fell and then recovered, with a significant and sustained price increase running from New Year 2024 through to today. This illustrates how difficult it is to make gold price predictions over the short term.

However, gold is by far the best-performing asset of the 21st Century to date.

Gold prices can and will go down as well as up minute by minute. Longer term, if you look at a gold price chart for the past 5 years to 2025, there were periods when the general trend of the gold price was down as well, albeit with short-term spikes. That didn't reverse gold's underlying uptrend in value.

Conversely, within the same time frame, there were periods where the gold price was generally trending upwards yet there were still dips as the gold price dropped over several weeks or months before recovering.

Identifying dips when the gold price falls and spikes can provide opportunities to buy, sell and take profit from trading gold just as in any other investment market.

There are many reasons to be bullish on the price of silver in 2025. Already the 3rd best performing asset so far this century, silver in contrast to gold finds more than half its demand from industry, where it is used in everything from photovoltaic solar panels to healthcare and electronics in every sector.

Globally, industrial demand for silver set a new record by weight in 2024, and forecasts see that demand remaining strong this year, helping support silver investing prices even amid short-term dips or drops in value.

Because silver has so many industrial uses today but also enjoys a long history as a monetary metal, the outlook for silver prices over the next 5 years will likely be tied to global economic growth as well as the performance of gold prices.

If the growth being forecast for solar energy, electric vehicles, electronics, military and other machinery proves correct over the next 5 years, then silver industrial demand is predicted to grow further, boosting the silver price.

Day-to-day, silver prices typically behave like gold but with greater volatility, both up and down. That can result in steeper losses of value for anyone investing in silver when the price drops, as looking at a silver price chart will confirm.

Longer term, silver has underperformed the price of gold, perhaps because it doesn't enjoy the demand from central banks which has helped drive the 'safe haven' precious metal higher. But analysts agree that silver's fast-growing industrial demand should continue to support and boost silver prices.

Silver's versatility and value to industry can't be overstated. 25 years ago the biggest use for silver was in photography, however since the incredible rise of digital cameras and mobile phones, the amount of silver used in the photographic industry has diminished by 90%. If there had not been replacement industrial uses for silver, such as in solar panels, it is logical to expect that the silver price would have fallen significantly in line with that key part of demand.

Platinum prices have lagged gold and silver in recent years, going down harder and failing to go up as quickly. Only a low gain for the price of platinum is now forecast for 2025 by professional analysts. So platinum could offer a contrarian investment.

Dragging on platinum prices in recent years has been the rise of electric vehicles, because the precious metal finds its largest single use in diesel-engine autocats. Yet the actual level of platinum demand from the auto sector has not been going down. That means the drop in platinum mining output could support and boost prices in future, especially if the use of platinum in hydrogen fuel-cell technology continues to grow.

A platinum price prediction for 2025 or beyond needs to consider how far new mining supply will fall behind industrial demand for the white precious metal, most of all in autos and hydrogen energy. That's because this deficit in platinum supply versus demand is what precious-metals insiders believe will stem its long-term underperformance and boost its underlying industrial and investment value.

Like any asset or commodity, platinum changes in price minute to minute, going down or up no matter the underlying price trend. But with the cost of mining an ounce of platinum now so close to the bullion market price, it's worth considering how that could provide a floor to the value of platinum, helping support if not prevent a further decline in platinum prices.