According to Kitco.com, precious metals analysts from the World Bank predict that gold will continue its upward trend over the next 12 months.
Silver and platinum will continue to grow in value through 2026.
Kitco’s report quotes Senior Economist Jeetendra Khadan, and Researcher/Analyst Kaltrina Tmaj from the World Bank Prospects Group.
Gold led the rally, reaching all-time-highs by mid-June amidst escalating tensions geopolitical and economic.
Prices of silver and platinum also increased significantly, and are expected to continue rising through 2025.
Gold
Analysts noted that gold prices rose by nearly 25% during the first six months of 2025.
The recent price rises are a result of heightened policy uncertainty, as well as intensifying geopolitical tensions. The sharp rise in inflows of gold ETFs (exchange-traded fund) during the first quarter 2025 has pushed up investment demand since 2022. The central bank’s purchases, which reflect reserve management strategies, continued to support the market.
Analysts expect that geopolitical and global uncertainties will continue to drive demand for the foreseeable future.
They said that “gold prices will rise about 35 percent (y/y) in 2025, before they begin to ease modestly in the year 2026 when some of these uncertainties start to fade.”
According to the report, prices are expected to remain significantly high, around 150 percent above the average for 2015-19, through 2025-2026. This outlook is characterized by upward risks, due in large part to the ongoing geopolitical uncertainty.
Silver
Silver’s performance in 2025 has been remarkably consistent with that of 2024, and it is up almost 20% from the first half of this year.
Analysts noted that despite these substantial increases in silver prices, “the ratio of gold to silver continued its upward trend, and moved further above its 10 year average by early 2025.”
Analysts said that this partly reflects a stronger relative demand of gold, as a haven in times of increased uncertainty and geopolitical turmoil.
World Bank predicts a strong and sustained demand for silver due to its double function as an investment safe haven, but also as a component of industry.
Analysts said that increased economic and geopolitical uncertainties could increase the appeal of silver among investors.
The global silver production is expected to increase steadily by 2025. This will be primarily because of increased mine production.
Recycling, which accounts for roughly 20 percent of global supplies, is expected to stay stable.
Silver prices are expected to increase by 17% in 2025. An additional 3% is projected in 2026.
Platinum
The price of platinum rose by nearly 30% during the first half 2025. This was a decade high.
Analysts at the World Bank noted that “the rally was largely driven primarily by the tightening of supply. Mine production is projected to fall and hit a 5-year low in this year.”
The shortfall will only be partially offset by modest gains in recycling, but the aboveground stock is expected to fall sharply.
The automotive and industrial industries, which together represent two thirds of global platinum usage, are expected to decrease their demand.
Analysts said that despite a subdued overall demand, the supply constraint is expected to drive up prices. A 10 percent increase in 2025 was projected (year-over-year) with an additional 2 percent in 2026.
The World Bank predicts that gold prices will reach their highest average annual price ever.
Silver prices are expected to continue to rise due to the strong demand for this metal. According to the bank, platinum prices will continue to be supported by tight supply.
A further increase in tensions around the world could push gold prices higher than current estimates, while a weaker industrial sector may cause demand to fall and bring silver and platinum below forecasts.
This original article was originally published on ICD.
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