In 2025, the price of platinum is forecast to hover around 1,150 U.S. dollars per troy ounce. Meanwhile, the cost of per troy ounce of gold is expected to amount to 1,700 U.S. dollars.

Precious metals

Precious metals are counted among the most valuable commodities worldwide. The most well known such metals are gold, silver and the platinum group metals. A precious metal can be used as an industrial commodity or as an investment. The major areas of application include the following sectors: technology, car-making, industrial manufacturing and jewelry making. Furthermore, gold and silver are used as coinage metals, and gold reserves are held by the central banks of many countries worldwide in order to store value or for use as a redemption medium. The idea behind this procedure is that gold reserves will help secure and stabilize the countries’ respective currencies. At 8,100 tons, the United States is the country with the most extensive stock of gold. It is kept in an underground vault at the New York Federal Reserve Bank.

Russia, the United States, Canada, South Africa and China are the main producers of precious metals. Silver is the most abundant of the metals, followed by gold and palladium. Barrick Gold is the world’s largest gold mining company. The Toronto-based firm produced some five million ounces of gold in 2020. The leading silver producers include Mexico-based Fresnillo, Poland’s KGHM Polska Miedž and the mining giant Glencore. Anglo Platinum and Impala are the key mining companies to produce platinum group metals.

In 2023, Silver prices are expected to settle at around 23.5 U.S. dollars per troy ounce. It is expected to remain the precious metal with the lowest value per ounce. The price of gold is forecast to drop to around 1,663 U.S. dollars per ounce, making it the most expensive precious metal in 2023.

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Precious Metals Market Size 2025-2029

The precious metals market size is forecast to increase by USD 105.3 billion at a CAGR of 6.4% between 2024 and 2029.

Precious metals, including platinum, palladium, gold, and silver, continue to be sought-after commodities in various industries, from consumer electronics and jewelry to renewable energy and wealth management. The market for precious metals is driven by their unique properties, such as high conductivity, resistance to corrosion, and use as catalysts in various applications. Composite materials incorporating precious metals, like tellurium in solar panels and beacon materials in semiconductors, are gaining popularity due to their enhanced performance. Moreover, the growing focus on Environmental, Social, and Governance (ESG) factors is influencing the market, with consumers and investors increasingly demanding responsible sourcing and ethical mining practices.
Platinum, for instance, is extensively used in catalytic converters In the automotive industry to reduce emissions, making it a critical component In the transition to cleaner transportation. In the realm of consumer electronics, precious metals are essential for the production of high-performance computer components, such as memory chips and connectors. Renewable energy technologies, like solar panels and fuel cells, also rely on precious metals for their efficient operation. Exchange-Traded Funds (ETFs) offer investors a cost-effective way to gain exposure to the markets, making them an attractive investment option during economic uncertainty. However, challenges persist, such as the environmental impact of mining and extraction processes, geopolitical risks, and supply chain disruptions.
Addressing these challenges through sustainable mining practices, technological innovations, and strategic partnerships will be crucial for the continued growth of the market.

What will be the Size of the Precious Metals Market during the forecast period?

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The market encompasses gold, silver, platinum, and palladium, each with distinct roles in various industries. Gold, a traditional safe-haven asset, maintains demand for jewelry and as a store of value. Silver, with applications in jewelry, electronics, solar panels, and electric vehicles, exhibits price volatility due to its diverse usage. Platinum and palladium, collectively known as platinum group metals, are essential components in catalytic converters, electronics, and renewable energy technologies. The market size is substantial, driven by increasing demand from the electrical and electronics sector, solar panel manufacturers, and the jewelry industry. Environmental concerns and regulations, such as those related to carbon emissions and environmental pollution, further influence market dynamics.
The Silver Institute and World Gold Council serve as key sources of industry insights and research.

How is this Precious Metals Industry segmented?

The precious metals industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Gold
  Silver
  Platinum


Application

  Industrial
  Jewelry
  Investment


Geography

  APAC

    China
    India
    Japan
    South Korea


  North America

    Canada
    US


  Europe

    Germany
    UK
    France
    Italy


  Middle East and Africa

    Brazil


  South America

By Type Insights

The gold segment is estimated to witness significant growth during the forecast period. Precious metals, including gold, silver, platinum, and palladium, held significant market value in 2024. Gold, in particular, led the segment due to its enduring appeal as a safe-haven asset and store of value. Central banks, such as the US Federal Reserve and the Bank of Germany, continue to accumulate gold reserves, while investors seek refuge during economic uncertainty. Gold's unique properties, like malleability and conductivity, make it indispensable in various industries, including electronics, dentistry, and jewelry. The rise of gold exchange-traded funds (ETFs) has boosted investor accessibility, creating liquidity and demand. Despite price fluctuations, gold's importance remains undeniable, serving as a standard for stability and asset preservation amidst global financial volatility.

Silver, platinum, and palladium also hold importance in diverse applications, such as jewelry, electronics, solar panels, electric vehicles, and catalytic converters. The market is influenced by geopolitical tensions, inflation concerns, currency fluctuations, and environmental impact, including climate change and renewable energy sources. The industry adheres to circular economy principles, sustainability, and brand reputation, offering eco-friendly products and complying wit

The Platinum Group Metals Market report segments the industry into Metal Type (Platinum, Palladium, Rhodium, Iridium, Ruthenium, Osmium), Application (Auto Catalysts, Electrical and Electronics, Fuel Cells, Glass, Ceramics, and Pigments, Jewellery, Medical (Dental and Pharmaceuticals), Chemical Industry, Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, Middle-East and Africa).

The Precious Metals Marketsize was valued at USD 261.94 Billion in 2023 and is projected to reach USD 371.04 Billion by 2032, exhibiting a CAGR of 5.1 % during the forecast period.The word "precious metals" implies a dozen metallic earthly metals that are scarce and notable for their properties, including rarity, strength, and value deriving from their special characteristics, naturalness, and long service lives. These types of metals are counted as precious metals, which include gold, platinum, silver, and palladium. Being the only of its kind, this is the reason why people need them to either be converted into jewellery, monetary use, or industrial processes. The precious metal charts its course higher than its peers because of its known properties, such as a shiny mirror and even the ability to fabricate in different designs, while also being pegged as a synonym for success and stability. Precious metal has found its use in jewellery and as a hedge against inflation. Thanks to its unique property of being an almost excellent conductor and antibacterial, it can be used in the making of electrical stuff, photography, and medical equipment. Platinum exhibits excellent corrosion resistance and has high melting points, so it is used in the fabrication of catalytic converters, fuel cells, and jewellery. Palladium and platinum have some common nodes, such as platinum being highly utilized in the making of catalytic converters and electronics, which include components such as hard drives and memory cards. Key drivers for this market are: Increasing Disposable Income and Changing Lifestyle to Drive Growth. Potential restraints include: Inconsistent Prices of Precious Metals to Impede Growth.

Precious Metal Market Outlook

As of 2023, the global market size for precious metals is valued at approximately $250 billion, and it is projected to reach around $370 billion by 2032, with a compound annual growth rate (CAGR) of 4.3%. This robust growth is driven by several factors, including increasing demand from emerging markets, heightened investment interests, and technological advancements in industrial applications. Precious metals, particularly gold and silver, have long been valued as safe-haven assets, but recent trends indicate a broader scope of applications, which is further fueling market expansion.

The growth of the precious metal market is significantly influenced by the geopolitical climate and economic uncertainties. In times of political instability or economic downturns, investors often turn to precious metals as a means of preserving wealth, which in turn spikes demand. For instance, during periods of inflation or currency devaluation, gold and silver are particularly sought after as they retain intrinsic value. Moreover, central banks around the world have been bolstering their gold reserves, a move that not only stabilizes their own currencies but also adds upward pressure on gold prices, thereby contributing to market growth.

Another notable driver of the precious metal market is the growing industrial demand, especially for metals like silver and platinum. Silver, with its excellent electrical conductivity, is widely used in electronics and solar panels. Meanwhile, platinum finds extensive applications in automotive catalytic converters. As industries adopt greener technologies and renewable energy solutions, the demand for these metals is expected to rise. Additionally, advancements in medical technology and the growing use of silver in antibacterial applications are further broadening the scope of industrial demand for precious metals.

The jewelry sector continues to be a substantial contributor to the precious metal market. Gold and silver jewelry remain highly valued across various cultures, symbolizing wealth and prestige. The rise in disposable income coupled with changing fashion trends in emerging economies is driving the demand for both traditional and contemporary jewelry design, thereby bolstering market growth. Moreover, the increasing influence of online platforms has made luxury jewelry more accessible to a broader audience, further enhancing market reach.

Silver Bullion plays a pivotal role in the investment landscape, offering a tangible asset that investors can physically hold. Unlike digital investments, silver bullion provides a sense of security and ownership that is often appealing during times of economic uncertainty. The demand for silver bullion is influenced by its affordability compared to gold, making it an attractive option for both new and seasoned investors. Additionally, silver bullion is not only a store of value but also a hedge against inflation, protecting purchasing power over time. As global markets fluctuate, the stability and reliability of silver bullion continue to draw interest from a diverse range of investors seeking to diversify their portfolios.

Regionally, Asia Pacific dominates the precious metal market, driven largely by high consumption in countries such as China and India. The cultural affinity towards gold in these regions, especially during festivals and weddings, underpins the demand. Europe and North America also represent significant markets, with a strong focus on investment and industrial applications. Meanwhile, emerging markets in Latin America and the Middle East & Africa are projected to exhibit a higher growth rate due to increasing industrialization and rising disposable incomes.

Type Analysis

The precious metal market is segmented into various types, including gold, silver, platinum, palladium, and others. Gold remains the most prominent segment, accounting for a substantial portion of the market share. Its allure as a hedge against inflation and economic instability makes it a favored choice among investors. Furthermore, gold's intrinsic value and historical significance continue to make it a preferred asset for central banks and institutional investors. The jewelry sector also heavily relies on gold, with countries like India and China leading the demand, driven by cultural and traditional practices.

Silver follows gold in terms of market significance, primarily due to its dual role as both an industrial and inv

Gold: Gold's versatility and inherent value make it the most prominent precious metal, extensively used in jewelry, investment vehicles, and industrial applications. Its reputation for value retention and unique physical properties solidify its status as a preferred asset during economic downturns.Silver: Silver's exceptional conductivity and malleability make it ideal for electrical and electronic applications. Its uses also extend to jewelry, photography, and medical devices.Platinum: Platinum's rarity and value position it as a key material in jewelry, dentistry, and automotive catalytic converters.Palladium: Palladium, another rare metal, finds significant application in catalytic converters, jewelry, and electronics, as well as in dentistry and medical devices. Recent developments include: In September 2019, Stillwater Mining firm, a leading producer of palladium and platinum in the United States, was acquired by Sibanye-Stillwater, a South African mining firm. Sibanye-Stillwater made a big acquisition to extend its footprint in the precious metals market and diversify its portfolio., In October 2020, IBM and Mine Hub Technologies collaborated to bring blockchain technology to the precious metals sector. The system was created to promote transparency and efficiency in the precious metals supply chain. The collaboration was an important advance in the industry since it addressed the difficulties of traceability and responsible precious metal sourcing., In November 2020, Valcambi, a Swiss precious metals refining company, has announced an increase in gold refining capacity. The expansion was initiated in response to rising demand for gold. The corporation spent money on new technology to improve its refining process and expand its manufacturing capacity.. Key drivers for this market are: Rising demand for precious metals in jewelry, investments, and industrial applications

Growing concerns about economic uncertainty and geopolitical tensions. Potential restraints include: Fluctuating prices of precious metals due to economic and geopolitical factors

Availability of substitutes. Notable trends are: Blockchain technology for tracking and tracing precious metals

Sustainable mining practices.

Forecast: Primary Precious Metals and Precious Metal Alloys Sales in the US 2024 - 2028 Discover more data with ReportLinker!

The global precious metals market reached 456.54 KMT in 2024. It is further estimated to grow at a CAGR of 4.70% in 2025-2034 to reach 722.68 KMT by 2034. The precious metal market is witnessing significant growth, driven by rising demand for jewelry and investment. The global industry is expanding as consumers prefer gold and silver for ornaments and wealth preservation. Technological advancements in industrial applications further propel growth. The industry is expected to experience a steady CAGR, supported by increasing disposable income and evolving fashion trends. The forecast suggests sustained demand, ensuring a strong market presence for jewelry and investment sectors.

The precious market size is predicted to reach $275.5 billion in 2024 to $526.9 billion by 2035, growing at a CAGR of 6.07% from 2024 to 2035.

Market Analysis for Precious Metals Management The global precious metals management market size was valued at USD 11.5 billion in 2021 and is projected to reach USD 20.4 billion by 2033, exhibiting a CAGR of 6.2% during the forecast period (2023-2033). The market is driven by the increasing demand for precious metals in various industries, including jewelry, electronics, and automotive. Additionally, the rising awareness about the importance of precious metal recycling and the growing demand for price risk management services are further contributing to the market growth. Key market trends include the growing adoption of sustainable practices, which is driving the demand for recycled precious metals. Technological advancements in the extraction and refining processes are also enhancing market growth. Furthermore, the increased use of precious metals in emerging applications, such as medical devices and fuel cells, is expected to create significant growth opportunities in the future. However, factors such as fluctuations in precious metal prices and stringent government regulations on mining and refining activities may pose challenges to market growth.

The United States precious metals market size reached USD 54.2 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 98.8 Billion by 2033, exhibiting a growth rate (CAGR) of 6.9% during 2025-2033. The growing product demand among investors, increasing product utilization in various industrial applications, widespread product utilization in jewelry and luxury goods, and rising consumer demand for ethical sourcing represent some of the key factors driving the market.

IMARC Group provides an analysis of the key trends in each segment of the United States precious metals market report, along with forecasts at the country level for 2025-2033. Our report has categorized the market based on metal type and application.

Forecast: Secondary Precious Metals and Precious Metal Alloys Sales in the US 2024 - 2028 Discover more data with ReportLinker!

The size of the Precious Metals Market was valued at USD 306.4 Billion in 2023 and is projected to reach USD 501.09 Billion by 2032, with an expected CAGR of 5.5% during the forecast period. Precious metals market includes metals that are valued for their unique properties such as conductivity, rust-resistance and beauty. These metals include gold, silver, platinum, palladium and others. Precious metals, particularly gold and silver, are highly regarded as safe-haven investments during times of economic uncertainty and market volatility, contributing significantly to market growth as investors seek to safeguard against inflation and currency changes. The electronics industry continues to use these metals extensively because of their higher conductivity and endurance, both of which are required for high-performance components. Similarly, the automotive industry relies on platinum and palladium for catalytic converters, which are critical for decreasing car emissions. Demand for precious metals in jewelry and luxury items is strong, driven by consumer preferences for high-quality, long-lasting products. Furthermore, increased industrialization, urbanization, and rising disposable incomes in Asian countries are driving up demand for precious metals. Recent developments include: Recent developments in the market studied will be covered in the final report.. Key drivers for this market are: Accelerating Demand for High-Performance Transportation Fuel, Increasing Investment in Refineries; Other Drivers. Potential restraints include: High Production Costs, Other Restraints. Notable trends are: Automotive Segment to Dominate the Market.

The global rare earth metal market dropped to $8.2B in 2024, shrinking by -4.6% against the previous year. In general, the total consumption indicated temperate growth from 2012 to 2024: its value increased at an average annual rate of +2.5% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -4.6% against 2021 indices.

The global base metals market reached a value of approximately USD 866.10 Billion in 2024. The market is expected to grow at a CAGR of 4.50% between 2025 and 2034, reaching a value of USD 1345.03 Billion by 2034.

The global precious metal storage market is projected to reach USD XXX million by 2033, exhibiting a CAGR of XX% during the forecast period (2025-2033). Increasing demand for wealth management, tax planning, and retirement planning are the key factors driving the market growth. Allocated storage, where investors have ownership and control over their physical precious metals, is anticipated to witness significant growth due to concerns over inflation and geopolitical risks. Key industry trends include the rising popularity of unallocated storage, which offers lower costs and eliminates the need for physical possession. Advancements in technology, such as blockchain and digital asset management platforms, are also expected to enhance the security and transparency of the precious metal storage industry. However, regulatory constraints, geopolitical uncertainties, and price volatility of precious metals remain challenges that may hinder market growth.

The global precious metal materials market is projected to reach USD XXX million by 2033, growing at a CAGR of XX% from 2025 to 2033. The market is driven by advancements in technology, increasing demand for precious metals in electronics, and growing investments in the aerospace sector. Gold and silver remain the most sought-after precious metals, accounting for a significant share of the market. The electronics industry is the primary consumer of precious metals, particularly gold, silver, and palladium. The growing demand for smartphones, laptops, and other electronic devices is fueling the market growth. In addition, the increasing adoption of precious metals in the chemical and pharmaceutical industries is expected to contribute to market expansion. North America and Asia-Pacific are the leading regional markets for precious metal materials. China, India, and the United States are the major consumers, with China accounting for a significant share of the market due to its thriving electronics industry.

Forecast: Sold Production of Precious Metals in Italy 2023 - 2027 Discover more data with ReportLinker!

The size and share of the market is categorized based on Type (Gold, Silver, Platinum Group Metals) and Application (Jewelry, Investment, Electronics) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

In 2022, copper was the battery metal which had the largest global demand at more than six million metric tons. By 2040, the demand for copper worldwide is forecast to more than triple and amount to over 20.6 million metric tons based on the Net Zero Emissions Scenario (NZE).