Heraeus releases 2023 precious metals forecast – gold remains favored Palladium may come under pressure

On December 6, Heraeus Precious Metals released its 2023 precious metals forecast
.
The report predicts that the euro gold price is expected to hit a record high next year, while uncertainty remains in other metals
.

Andre Christl, CEO of Heraeus Precious Metals, says: "In the current environment of high inflation and heightened recession fears, gold is still favored by many investors
.
" Heraeus predicts that in 2023, the price of gold will remain at 1620~1920 US dollars / ounce
.

On the silver side, a slight increase in demand for smartphones will support higher silver prices
.
Heraeus experts expect sales of 5G equipment to increase in 2023, boosting silver demand
.
In addition, demand from the PV industry will continue to rise in 2023, while demand for silver jewellery will decline
.
Heraeus predicts that the price of silver will remain at 17~25 US dollars / ounce
.

Heraeus predicts a surplus
in the industrial platinum market due to increased mineral production.
However, in the long run, with the widespread use of hydrogen catalysts for water electrolysis, the use of platinum in the hydrogen economy will increase
.
Heraeus predicts that platinum prices will remain at 800~1150 US dollars / ounce
.

Heraeus experts believe that there is uncertainty in the direction of palladium and that there will be a surplus
in the market next year.
And because palladium prices are higher than platinum, the substitution of palladium by platinum will accelerate
.
About 40% of palladium supply comes from Russia, and sanctions against Russia or its raw material exporters could lead to price risk
.
Heraeus predicts that palladium prices will remain at 1300~2250 US dollars / ounce
.

Ruthenium prices should continue to fall, while iridium prices should have bottomed
out.
Heraeus experts predict that ruthenium prices will remain at $400~650/oz
.
Due to the increase of water electrolysis hydrogen production catalysts in the hydrogen energy industry, the demand for iridium gold should recover slightly in 2023, and the price of iridium will remain at 3700~6500 US dollars / ounce
.