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 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.

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.

The global Precious Metals market size is expected to reach USD 501.06 Billion in 2032 registering a CAGR of 5.6%. Discover the latest trends and analysis on the Precious Metals Market. Our report provides a comprehensive overview of the industry, including key players, market share, growth opportun...

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

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

Precious Metal Market size was valued at USD 282.5 Billion in 2024 and is projected to reach USD 436.51 Billion by 2031, growing at a CAGR of 5.59% from 2024 to 2031.

Global Precious Metal Market Drivers

Geopolitical Tensions and Supply Chain Disruptions: Geopolitical tensions, such as trade wars, political instability, or military conflicts, often lead to increased demand for precious metals. Investors view precious metals as a secure store of value when confidence in traditional financial systems wanes. In addition, the supply of precious metals is often impacted by geopolitical events, such as mining disruptions, labor strikes, or changes in mining regulations, particularly in key production countries like South Africa, Russia, and Latin America. Any disruption in supply can create upward pressure on prices.

Technological Advancements in Mining: Technological innovations in mining processes and exploration techniques have made it easier and more cost-effective to extract precious metals, increasing their supply in the market. Innovations such as automation, better extraction methods, and improved sustainability practices help mining companies to reduce production costs and enhance efficiency. This has made it possible to access previously uneconomical reserves, thus contributing to a more stable supply of precious metals.

The Global Precious metals Market size is expected to grow at a CAGR of 5.6% during the forecast period by 2028. The growth can be attributed to industrial applications such as jewelry and medical devices which are anticipated to increase demand for gold and silver medal, respectively over the forecast period.

Precious metals are a group of elements that have been used for centuries to create some of the most beautiful and highest quality objects in history. Gold, silver, platinum, and palladium are precious metals while copper is not typically categorized as a precious metal because it is so abundant on earth. The beauty of precious metals is not their only value. They are also used in applications that range from industry to financial services and even consumer goods such as jewelry.

On the basis of Type, the market is segmented into Gold, Silver Metal, Platinum Group Metals.

Gold:

Gold is a chemical element with the symbol Au and an atomic number of 79. It has been a highly sought-after precious metal for coinage, jewelry, and other arts since the beginning of recorded history. The metal occurs as nuggets or grains in rocks, underground veins, and in alluvial deposits. Gold is dense, soft, shiny and the most malleable and ductile pure metal known to man which means it can be beaten into thin sheets (0.0000001 mm) but not dissolved by any acid.

Silver Metal:

The term ‘silver metal’ is used to refer to the silver-rich alloy of metals. The alloys are also known as Ag or sterling, which has high purity and includes copper, nickel, zinc, etc. Silver metal is increasingly preferred over other precious metals due to its low cost in comparison with gold and platinum group metals (PGM).

Platinum Group Metals:

Platinum Group Metals are a group of metals that have been traditionally used in the industry, but lately, they have become popular for other applications as well. The main features of Platinum Group Metals are that they can be worked into almost any shape or form and their price remains stable even when the market becomes very volatile.

On the basis of Application, the market is segmented into Industry, Consumer Sector, Financial Sector.

Industry:

In the industry sector, precious metals are used in many different aspects of production. This includes anything from electronics to car manufacturing and even healthcare applications. A lot of technology devices require these materials for their construction, most notably smartphones. Smartphone manufacturers use gold foils on circuit boards due to their low electrical resistance properties that help with signal transmission between components.

Consumer Sector:

Precious metals are used in various consumer electronics. The use of gold, silver, and platinum for manufacturing electronic equipment has increased due to the increasing penetration of smartphones, tablets, etc., which have grown rapidly over the past decade or so. The consumer sector is expected to be the largest market for precious metals, and this trend will continue over the forecast period.

Financial Sector:

Gold and silver are used in a range of financial products, from coins to bars. Gold has been held as an asset for thousands of years because it is scarce, durable, liquid, and does not need any other material to produce jewelry or be shaped into ornaments. Silver's physical characteristics have also resulted in its widespread use in industry: being highly conductive means that silver metal dramatically lowers energy costs when compared with traditional materials such as a copper wire.

On the basis of Region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

The North American market is expected to account for the largest share, due to its increasing demand from several end-use industries. The U.S., which contributes a major share of this region’s revenue, has been witnessing an upsurge in public and private investment opportunities across different sectors such as the oil & gas exploration and the construction industry. This trend is likely to boost the availability of raw materials required by downstream segments including Gold Jewelry manufacturer companies, thereby driving growth over the next few years. The Latin American market is estimated to be the fastest-growing during the forecast period. The Asia Pacific will witness significant growth due to factors such as developments in the mining industr

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

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.

[197+ Pages Report] Global precious metal market size & share to be worth USD 364.89 Billion by 2026 with a growth rate of 8.5% CAGR during the forecast period of 2021-2026.

Forecast: Precious Metal Mill Shapes Sales in the US 2024 - 2028 Discover more data with ReportLinker!

Precious metals, including gold, silver, platinum, palladium, and rhodium, had a total worldwide market volume of nearly 45,000 metric tons in 2023. It is forecast that the global market volume of precious metals will amount to more than 65,000 metric tons in 2032.

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.

Precious Metal Verifier Market Outlook

The global precious metal verifier market size was valued at approximately $200 million in 2023 and is projected to reach around $350 million by 2032, growing at a Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period. The increasing demand for authenticity verification of precious metals such as gold, silver, and platinum is a significant growth factor driving the market. The rise in counterfeit precious metals and the subsequent need for reliable verification tools have catalyzed this market's expansion.

One of the primary growth factors for the precious metal verifier market is the rising demand for authenticity verification in the jewelry industry. With the increasing prevalence of counterfeit jewelry items flooding the market, both consumers and businesses are seeking reliable verification tools to ensure the authenticity of their purchases and inventories. This trend is particularly significant in regions with a high demand for precious metals, such as Asia Pacific and North America. Technological advancements in verification devices have also contributed to market growth. Modern verifiers are equipped with sophisticated sensors and software that provide high accuracy and ease of use, making them more appealing to end-users.

Furthermore, the market is witnessing significant growth due to increased governmental regulations and standards aimed at curbing the circulation of counterfeit precious metals. Governments across various regions are implementing stringent measures to ensure the authenticity of precious metals, which in turn, is boosting the demand for verification tools. The industrial application of precious metal verifiers is another contributing factor. Industries that use precious metals in manufacturing processes, such as electronics and aerospace, require precise verification tools to maintain the integrity of their products.

The growth of e-commerce platforms has also played a crucial role in boosting the precious metal verifier market. Online stores offer a wide range of verification devices, making it easier for individuals and businesses to procure these tools. Additionally, the convenience of online shopping and the availability of a variety of products have further propelled market growth. The rising trend of online bullion trading has also necessitated the use of verification tools to ensure the authenticity of precious metals being traded online.

Regionally, the Asia Pacific region is expected to dominate the precious metal verifier market during the forecast period. The region's high demand for gold and other precious metals, coupled with the increasing prevalence of counterfeit products, is driving the market. North America is also anticipated to witness significant growth due to stringent government regulations and a high level of consumer awareness regarding the authenticity of precious metals. Europe follows closely, with a steady demand for precious metal verifiers driven by the jewelry and bullion markets.

Product Type Analysis

In the precious metal verifier market, product type plays a critical role in determining the suitability and application of verification tools. The market is segmented into handheld verifiers, desktop verifiers, and portable verifiers. Handheld verifiers are gaining prominence due to their ease of use and portability. These devices are particularly popular among individual users and small businesses who require a quick and reliable method to verify the authenticity of precious metals. The handheld segment is expected to witness substantial growth, driven by advancements in technology that enhance the accuracy and efficiency of these devices.

Desktop verifiers, on the other hand, are widely used in commercial applications where bulk verification is required. These devices offer high precision and are equipped with advanced features that facilitate the verification process. Desktop verifiers are preferred by large jewelry stores and bullion traders who need to verify large quantities of precious metals regularly. The demand for desktop verifiers is expected to remain steady, driven by their reliability and advanced capabilities.

Portable verifiers combine the features of handheld and desktop devices, offering both portability and advanced functionality. These verifiers are designed for users who require flexibility in their verification processes. Portable verifiers are gaining traction in the market due to their versatility and ease of use. They are particularly popular among industrial users who need to

The global precious metal catalysts market is expected to reach $19.76 billion by 2027, growing at a CAGR of 6.57% from 2021 to 2027.

This statistic shows the revenue of the industry “precious metals production“ in the United Kingdom from 2012 to 2019, with a forecast to 2025. It is projected that the revenue of precious metals production in the United Kingdom will amount to approximately 113.02 million U.S. Dollars by 2025.

The global precious metal based strips market is projected to reach $X million by 2033, growing at a CAGR of XX% from 2025 to 2033. The market is driven by the increasing use of precious metals in various industries, such as medical, automotive, and electronics. Precious metal based strips are used in a variety of applications, including electrical contacts, connectors, and sensors. The market is segmented by type, width, and application. By type, the market is divided into width from 6 to 10mm and width >10mm. By width, the market is divided into 10mm, and >10mm. By application, the market is divided into medical, automotive, electronics, and others. The medical segment is the largest segment, accounting for over XX% of the market in 2025. The automotive segment is the second largest segment, accounting for over XX% of the market in 2025. The electronics segment is the third largest segment, accounting for over XX% of the market in 2025. The other segment includes applications such as aerospace, defense, and telecommunications.