In addition to Gold, forecasts revised for the other precious metals, Commerzbank’s commodity analyst Carsten Fritsch notes.

Gold/Silver ratio to remain roughly at its current level

“In line with Gold, we have revised our forecast for the Silver price at the end of the year upwards to $31 per troy ounce (previously $30). The c. We leave the price forecast for 2025 unchanged, with the exception of a small upward revision for the first quarter to $32. For mid-2025, we expect c32 and for the end of 2025, $33.”

“By contrast, we have revised downwards our forecast for Platinum to $1,000 per troy ounce at the end of the year, from $1,100 previously. The record supply deficit expected by the WPIC this year has so far not been able to push up the price of Platinum. In addition, there have recently been considerable outflows from Platinum ETFs. The lower starting level also reduces the forecast trajectory for next year. In mid-2025, we expect Platinum to trade at $1,050, and at $1,150 at the end of 2025 (previously $1,150 and $1,250, respectively).”

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