The Gold price has also recovered more than half of its losses since the end of October and is once again trading at $2,700 per troy ounce, Commerzbank’s commodity analyst Barbara Lambrecht notes.

Platinum group metals are cheaper than at the start of the year

“In view of the threat of an escalation in the war in Ukraine, Gold is in demand as a safe haven. This is also shown by the inflows into ETFs in recent days. The Silver price has risen significantly this year in the wake of the Gold price and is also trading almost 30% higher than at the beginning of the year.”

“The picture is different for the Platinum group metals, which are cheaper than at the beginning of the year. This is another reason why they have catch-up potential for the coming year. In our view, the price of Platinum in particular should rise significantly, as the market is likely to be in deficit for the third year in a row in 2025.”

“This will probably be confirmed by the World Platinum Investment Council, which will present an initial forecast for 2025 in its quarterly report next Tuesday. In its medium-term five-year outlook from September, the WPIC had assumed that supply would increase after declining in the previous two years. However, the increase is not expected to be enough to close the gap, as demand will also rise slightly.”