Revisions also forecast for Silver, Platinum and Palladium – Commerzbank

In addition to gold, forecasts have been revised for the other precious metals, notes Carsten Fritsch, commodity analyst at Commerzbank.

The gold/silver ratio will remain roughly at its current level

“In line with gold, we have revised our year-end silver price forecast upwards to $31 per troy ounce (previously $30). C. We leave our 2025 price forecast unchanged, except for a small upward revision for the first quarter to $32. For mid-2025, we expect c32 and for late 2025, $33.”

“Instead, we have revised down our forecast for platinum to $1,000 per troy ounce at the end of the year, from $1,100 previously. The record supply shortfall expected by the WPIC this year has so far failed to push up the platinum price. Additionally, there have been sizable outflows from Platinum ETFs recently. The lower starting level also lowers the forecast trajectory for next year. In mid-2025, we expect Platinum to trade at $1,050 and $1,150 at the end of 2025 (previously $1,150 and $1,250 respectively).”

“We have confirmed our year-end price forecast for Palladium at $1,050 per troy ounce. This means that the price of palladium will remain roughly at its current level. For next year, we expect slightly less growth to $1,100 by mid-2025 and $1,150 by the end of 2025 (previously $1,150 and $1,200, respectively). So the downward revision for palladium is somewhat smaller than for platinum.”