According to Vantage Market Research, the global precious metal market is projected to reach a valuation of USD 434.1 billion by 2032, growing at an impressive rate of 5.38% over the next seven years. Key drivers of this growth include the rising demand for precious metals in the aviation sector and increasing use in jewelry.
Additional factors such as geopolitical tensions, inflation concerns, and currency fluctuations also contribute to the market’s expansion. Metals Market News & Analysis shows that gold remains the dominant precious metal, serving as a benchmark, while silver, platinum, and palladium find demand in industries like electronics, automobiles, and jewelry.
Leading Companies in the Global Precious Metal Market
- Freeport-McMoRan Inc.
- PJSC Polyus
- Newmont Corporation
- Gold Fields Limited
- Randgold & Exploration Company Limited
- Barrick Gold Corporation
- AngloGold Ashanti Limited
- Kinross Gold Corporation
- Newcrest Mining Limited
Global Precious Metal Market Dynamics
In 2022-2023, global markets faced volatility due to economic and geopolitical issues. Precious metals like gold, silver, and platinum outperformed traditional assets, with gold maintaining its value despite challenges. Factors like a weakened US dollar and increased demand boosted their performance.
Silver is expected to outperform gold due to supply-demand dynamics, and platinum’s growth is spurred by automotive and hydrogen fuel cell use. Geopolitical tensions could also increase interest in precious metals as a safe haven. Despite challenges, the outlook for precious metals remains positive.
Key Highlights
- By type, the gold segment is expected to experience the highest market growth over the forecast period.
- By application, the industrial segment is anticipated to witness maximum market growth over the projected period.
- In 2023, Asia Pacific dominated the market with a revenue share of 47.30%.
- North America is poised to see considerable market growth in the coming years.
Top Trends in the Precious Metal Market
Gold and silver are experiencing increased demand in the precious metal market. Gold demand rose by 2% in 2022, primarily driven by U.S. retail investment. Silver is expected to outperform gold in next year due to its applications in automotive, renewable energy, and electronics, which may lead to a significant supply shortfall.
Global Precious Metal Market Segmentation
- Gold
- Silver
- Platinum Group Metals (PGM)
By Application
- Jewelry
- Industrial
- Investment
- Other Applications
Type Analysis
The gold segment experienced the most significant market growth in 2023. Various factors such as jewelry production, investment in gold bars and coins, Central Bank reserves, and technological applications are fueling global demand for gold. Additionally, gold’s extensive use in electronics, dentistry, and aeronautics contributes to its market expansion.
ApplicationAnalysis
The industrial application is anticipated to witness the highest market growth in the projected period. This is due to the increasing utilization of metals across industries like automotive, aeronautics, electronics, and chemicals.
Recent Developments in the Global Precious Metal Market
In mid-2023, Barrick Gold extended the Tongon project in Côte d’Ivoire due to successful drilling, K92 Mining resumed safe underground operations at the Kainantu Mine in Papua New Guinea, and Anglogold Ashanti launched a renewable energy initiative at Tropicana Mine to cut emissions.
Regional Analysis
In 2022, the Asia Pacific region led the precious metals market, propelled by China’s production and India’s wedding-driven demand. India’s influence is anticipated to grow globally. The U.S. market saw gold and PGM fluctuations, with significant jewelry consumption in key states.
Despite a slight recovery in late 2022, metal prices stayed lower due to rising interest rates and a strong dollar, with platinum seeing a stronger rebound than gold.
