What’s Next for Precious Metals in the Current Volatile Market?
The prices of precious metals have taken a hit in 2023, following a peak in March of 2022. Some factors to blame for the current volatile market include the Russia-Ukraine war and consistently rising inflation. Certain precious metals have performed better than others. For example, silver prices have hit a 9-year-record high, whereas palladium prices are falling.
What happens next is a question that all investors have during these uncertain times. Read on to learn what the experts at the leading precious metals exchange have to say.
Role of Precious Metals in The Current Volatile Market
Although precious metal prices have fluctuated in the current volatile market, they have proven to be a much better investment option than stocks or other assets. For the longest time, investors have purchased precious metals as a hedge against inflation during economic instability.
Investors can rely on precious metals like gold since they are often far more stable and perform much better in volatile market conditions and economic stability when assets and stock prices may take a significant hit. Precious metals can retain their purchasing value over lengthy periods, making them an ideal investment in the current volatile market.
Outlook for Precious Metals in The Current Volatile Market
Predicting the upcoming precious metals prices can be difficult due to the ongoing economic uncertainty and several other factors. However, market experts can still forecast the performance of precious metals in a volatile market with the help of certain market drivers. Below are the recent expert predictions for precious metals:
Gold achieved an intraday peak of 2,009 dollars per ounce on March 20. This was the first time gold crossed the 2000-dollar mark in twelve months. Moreover, according to the recent performance of gold, the outlook for the metal in the coming months is bright. The asset increased by 7% year-to-date and approximately 19% from its lows in 2022.
In addition, silver was trading at a 24.18-dollar price point at the beginning of 2023. However, it has boosted value by 3%, now trading at 24.91 dollars. According to the experts at leading precious metal investment company, silver prices are set to increase even more in the next few months.
Moreover, experts predict that the cost of palladium could reach 1,500 dollars by the mid of 2023 and hit 2,000 dollars by the middle of 2024, which is a highly positive prognosis for the precious metal. The starting price for platinum was 1,086.00 dollars in 2023. Therefore, it has seen positive growth in the beginning months of 2023.
Lastly, platinum started at a low in the beginning months of 2023, with the asset price dropping -7% since the start of the year. However, experts have predicted platinum prices to increase by year-end. The precious metal is expected to cost 1,135 dollars at the end of 2023, with a +5% annual change.
Conclusion
At Orion Metal Exchange, the premier gold and silver investment company, we provide a diverse selection of gold, silver, platinum, and palladium investment choices to assist you in protecting your wealth during the current volatile market and economic uncertainty.
Our specialists can help you choose the best investment option and answer your queries. Get in touch with us now for more information.
