Gold: Breaking through historical highs, market still has room for growth

Driven by economic policy uncertainty, geopolitical risks, and a surge in central bank gold purchases, gold prices reached a historic high of $2954.70 per ounce in early February. However, with market adjustments, gold prices experienced a pullback in mid February.

Market outlook:

UBS predicts that gold may reach $3200 per ounce by 2025 and then return to stability.

Goldman Sachs has raised its gold target price to $3100 per ounce by the end of 2025, maintaining its long-term bullish outlook.

Editor's viewpoint:

The current global market risk aversion remains high, and the trend of central bank gold purchases remains unchanged. Gold may continue to attract investors. After short-term adjustments, if economic and geopolitical tensions intensify, gold prices may still rise further.

Silver: Strong industrial demand, steadily rising prices

Silver prices continued to rise in early 2025, reaching $32.80 per ounce in mid February, the highest point since December 2024.

Driving factors:

Industrial demand is recovering, especially with an increase in demand for silver in the electronics manufacturing and renewable energy industries.

As a safe haven asset, silver attracts more investors in an environment of economic uncertainty.

Market outlook:

Due to the continuous growth of global industrial demand, silver prices are expected to maintain a steady upward trend in 2025.

If the geopolitical or economic situation deteriorates further, silver may experience even greater gains.

Platinum: Supply shortage supports prices, with clear signs of recovery

Despite policy changes in the market, platinum prices have remained relatively stable over the past month.

Market support factors:

It is expected that the global platinum market will remain in a state of supply shortage until 2025, especially with steady growth in demand from the automotive and industrial industries.

Due to the promotion of hydrogen fuel cell technology, the long-term demand for platinum is expected to increase.

Market outlook:

The supply-demand imbalance may support further increases in platinum prices, and it is expected that the overall trend will be strong in 2025.

If the US dollar continues to strengthen, platinum may be under pressure in the short term, but it still has growth potential in the long term.

Palladium: Market volatility intensifies, long-term supply pressure still exists

The price of palladium has shown significant fluctuations recently, rising in January due to demand growth, but some of the gains were reversed in early February.

Influencing factors:

The main supplier Sibanye Stillwater is still reducing palladium production, which may bring long-term supply pressure to the future market.

The new tariff policy of the US government has increased uncertainty in the metal market, affecting the sentiment of the palladium market.

Although palladium has not been directly included in tariff adjustments, fluctuations in the global metal market have had a chain effect on it.

Market outlook:

It is expected that palladium will continue to be under pressure in the short term, and the market expects prices to continue to fall in the coming months.

But the uncertainty on the supply side may bring some price support in the future.

Editor's viewpoint:

The current precious metal market presents a pattern of gold and silver leading the rise, platinum stabilizing, and palladium under pressure. In 2025, if the economic environment becomes more volatile, gold and silver may continue to attract capital inflows, while the prices of platinum and palladium will be more affected by supply and demand.