Precious Metals Skyrocket as Gold Hits Record High, Silver & Platinum Soar

Gold at All-Time High: Gold prices surged to a record intraday peak of around $3,790 per ounce on Sept. 23, driven by safe-haven demand amid geopolitical uncertainty and expectations of further U.S. Fed rate cuts ^[1] ^[2]. (U.S. gold futures even settled above $3,800.)
Silver’s 14-Year Record: Silver rallied near $44/oz, its highest level since 2011, riding on gold’s coattails and robust industrial demand ^[3] ^[4].
Platinum 11-Year Peak: Platinum spiked about 5% to $1,480/oz, marking its strongest price since 2014 on supply deficit concerns ^[5] ^[6].
Palladium Rebounds: Palladium jumped back above $1,200/oz (up ~3%), buoyed by supply risk from potential Russian export curbs, though it remains well below past highs ^[7] ^[8].
Rhodium & Iridium Steady: Niche precious metals like rhodium held around $7,150/oz and iridium near $4,625/oz, reflecting constrained supply but far steadier trading than their volatile peaks ^[9] ^[10].
Fed Policy & Dollar Moves: Investors are betting on Fed rate cuts (after a recent 0.25% cut) and parsing cautious signals from Fed Chair Powell, keeping real yields low and boosting non-yielding assets like gold ^[11] ^[12]. A rebounding U.S. dollar briefly pared gains on Sept. 24, but gold still hovered just below its record ^[13] ^[14].
Global Tensions Spur Safety Trades: Rising geopolitical tensions – from NATO’s warnings to Russia and a shock speech by President Trump at the UN – have rattled markets, driving safe-haven flows into precious metals ^[15] ^[16]. Stock and bond market wobbles this week added to gold’s appeal as a hedge ^[17] ^[18].
Analysts See More Upside: Banks and analysts are increasingly bullish. Goldman Sachs predicts gold could reach $5,000 by 2026 if current trends hold ^[19]. Citi strategists also see the precious metals bull market extending, potentially even spilling into other commodities next year ^[20]. Meanwhile, structural factors – like multi-year silver supply deficits and a deep platinum shortage – support elevated prices going forward ^[21] ^[22].

Precious Metals Rally Overview (Sept 23–24, 2025)

Precious metals prices soared to multi-year highs in the past 48 hours, capping a dramatic two-week run-up. Gold set a fresh all-time high near $3,790/oz on September 23, punctuating a rally that has nearly doubled its price since late 2022 ^[23]. Silver likewise vaulted to ~$44/oz, a level last seen 14 years ago, while platinum broke above $1,480/oz – its strongest in over a decade ^[24] ^[25]. Even palladium, which has lagged this year, rebounded above $1,200. Lesser-known precious metals like rhodium and iridium remained elevated and in tight supply. This broad surge has been fueled by a potent mix of economic shifts and global events. Investors seeking safety from uncertainty, and positioning for a more dovish Fed, poured into hard assets en masse. Below, we break down the developments for each major metal and the forces driving them.

Gold Shines at Record Highs

Gold proved its status as the ultimate safe-haven asset this week. On Sept. 23, spot gold spiked to an unprecedented $3,790.82 per ounce, a new record high in U.S. dollar terms ^[26]. It ended that session up ~0.8% near $3,778, and December gold futures settled even higher at $3,815 ^[27]. Although the price eased slightly by Sept. 24 (hovering around $3,765 as the dollar rebounded) ^[28] ^[29], gold was still trading just shy of its peak – a remarkable feat.

Key drivers behind gold’s surge have been intensifying over recent weeks. Heightened geopolitical risks are a major factor: Markets have been unnerved by events like President Trump’s combative speech at the UN General Assembly on Sept. 23, which rattled Western allies and signaled a hard line on global issues ^[30] ^[31]. This added to existing fears around the ongoing Russia-Ukraine conflict – evidenced by NATO’s stern warnings to Moscow after airspace violations ^[32] – and other international flashpoints. Such tensions have funneled investors into gold as a secure store of value during uncertain times ^[33] ^[34]. “Safe-haven gold becomes more attractive during periods of geopolitical and economic uncertainty,” noted one analyst, underscoring why demand spiked this week ^[35].

Another catalyst is the shifting outlook for U.S. interest rates and the dollar. The Federal Reserve cut rates by 0.25% at its September meeting – the first cut this year – and traders are now pricing in at least two more rate reductions by year-end (with a high likelihood of cuts in October and December) ^[36] ^[37]. Fed Chair Jerome Powell’s latest comments offered no hawkish surprises; he struck a cautious tone about balancing inflation risks with a cooling job market, leaving the door open for continued easing ^[38] ^[39]. The mere prospect of easier monetary policy and lower real yields has been rocket fuel for gold, since gold thrives in low-rate environments as a non-yielding asset ^[40] ^[41]. “The gold market recognized there was nothing in Powell’s speech to derail the upside path in gold,” observed RJO Futures strategist Bob Haberkorn after the Fed comments ^[42]. In fact, investors are betting heavily on Fed accommodation: futures markets show ~94% odds of an October cut ^[43].

As rate-cut bets weakened the dollar earlier in the week and Treasury yields dipped, gold’s appeal surged further ^[44] ^[45]. Strong buying has come from multiple fronts. Exchange-traded funds (ETFs) that hold physical gold have seen robust inflows – Commerzbank analysts noted that expectations of Fed easing, questions about Fed independence, and geopolitical jitters have all “likely given gold prices a boost,” evidenced by strong ETF demand ^[46]. Central banks are another pillar of support: they continue to gobble up gold at a record pace. In fact, annual central bank purchases have exceeded 1,000 tons each year since 2022, as many countries diversify reserves away from the U.S. dollar ^[47] ^[48]. Metals consultancy Metals Focus expects official sector buying to reach 900 tons in 2025, roughly double the pre-2022 average ^[49]. This “central bank gold rush” – partly a response to sanctions (such as Russia’s reserves freeze) and currency devaluation fears – has contributed about 23% of total gold demand in recent years ^[50] ^[51].

It’s not all rosy for gold’s traditional demand, however. Jewelry consumption has pulled back due to the high prices. The World Gold Council reported a 14% drop in global jewelry demand in Q2 2025 (hitting pandemic-era lows) as buyers in key markets like China and India were deterred by cost ^[52] ^[53]. But investment demand more than makes up for that slack. Bar and coin buying remains robust (with a shift towards bars over coins), and gold-backed ETFs added ~397 tons in H1 2025, the largest first-half inflow since 2020 ^[54] ^[55]. Total ETF holdings are near their highest since 2022, reflecting strong institutional appetite.

Outlook: Many analysts believe gold’s run is far from over. The metal is already up roughly 35–40% year-to-date ^[56], and Goldman Sachs now forecasts $5,000/oz by 2026 if current macro trends persist ^[57]. They cite a perfect storm of “sticky inflation, dollar weakness, and rising geopolitical tension” reminiscent of past major gold bull markets ^[58] ^[59]. Other observers point to supply and demand dynamics – mine output is relatively flat, while investor and central bank demand are climbing – as a recipe for continued tightness ^[60] ^[61]. Indeed, gold’s supply constraints (production has barely grown in a decade) combined with intense buying have created a “powerful tailwind” for prices ^[62]. Short-term, traders are watching U.S. economic data (like this week’s jobs numbers and the Fed’s preferred PCE inflation index due Friday) for clues on the Fed’s path ^[63]. But barring any hawkish shock, sentiment remains bullish. As one market strategist put it, gold is digesting the news, but finding support – the market appears only “slightly cautious” ahead of the data ^[64] ^[65]. In summary, the combination of monetary easing, global risk, and strong investment flows suggests gold could stay on an upward trajectory, with $4,000 now in sight in some forecasts ^[66] ^[67].

Silver Soars to 14-Year High

Silver has been on a tear alongside gold, posting one of its best rallies in years. This week silver prices nearly touched $44.50 per ounce, a level last seen in 2011 – effectively a 14-year high for the metal ^[68] ^[69]. On Sept. 23, spot silver hovered around $44.17 after a 0.2% uptick ^[70], and it held firm near $44.15 on Sept. 24 ^[71]. To put the move in perspective, silver is up over 40% from a year ago and about 10% just since August ^[72] ^[73]. This dramatic jump has “stolen the spotlight” in metals markets and is drawing attention from both investors and industry players.

Several factors are driving silver’s surge. Like gold, silver is benefiting from the macro backdrop of declining interest rates and a weaker dollar, which boosts appeal for non-yielding assets ^[74] ^[75]. Safe-haven investment demand has clearly picked up – silver often acts as a high-beta version of gold, tending to outperform in percentage terms during precious metal bull runs. Saxo Bank analysts note that silver is enjoying a dual boost: “on one hand, silver benefits as a high-beta expression of gold’s store-of-value appeal. On the other, structural demand growth from photovoltaics and electrification provides a more tangible narrative” supporting the metal ^[76] ^[77]. In other words, silver is both a monetary metal and an industrial commodity, and right now both roles are in play.

Crucially, the industrial demand story for silver is very strong. Silver is a critical component in electronics, solar panels (photovoltaics), electric vehicle systems, and other high-tech applications. According to asset manager Sprott, silver has been in a structural supply deficit for seven years running ^[78]. Global mine output has actually fallen about 7% since 2016, even as industrial usage (for electronics, solar, etc.) has surged 51% in that period ^[79] ^[80]. This tightening fundamental picture means the silver market was primed to rally even before the latest safe-haven rush. Now, with monetary policy tailwinds added to the mix, silver’s squeeze has accelerated. “Non-yielding assets [like silver] become more attractive” when rates fall and the dollar softens, amplifying the metal’s rise ^[81].

Investor sentiment towards silver is extremely bullish in the near term. Technical analysts pointed out that after blowing past the $40 mark, silver showed no immediate signs of overheating – momentum indicators stayed strong, suggesting the move could extend toward $45/oz before encountering major resistance ^[82]. In fact, some forecasters see $50 (the 2011 record) back on the horizon if the current conditions persist. Helping matters, retail and institutional investors alike have been increasing allocations to silver as a cheaper alternative to gold with high upside. The GoldSilver Insider report highlighted that silver offers “additional upside as a ‘critical mineral’ with industrial applications,” positing that the metal could outperform if the precious rally continues ^[83] ^[84].

One caveat is that silver is notoriously volatile. After such a steep climb, profit-taking or corrections are possible, especially if any economic data surprises with strength (which could firm the dollar and yields temporarily). But so far, any dips in silver have been shallow and quickly bought. Traders report strong ETF inflows and physical buying supporting the metal. Even the U.S. Mint noted robust demand for silver bullion coins earlier this year as prices climbed. If the Fed indeed delivers more rate relief, silver’s opportunity to challenge its all-time highs increases. For now, it remains a standout performer of 2025, with year-to-date gains outpacing even gold’s in percentage terms.

Platinum Breaks Out on Supply Crunch

Platinum joined the precious metals rally in force, surging to levels not seen in 11 years. On September 23, platinum jumped about 4–5% intraday, reaching roughly $1,480–1,485 per ounce, the highest price since 2014 ^[85]. It held those gains through Sept. 24, last trading around $1,479/oz ^[86]. This marks a dramatic turnaround for platinum, which until recently lagged well below its historic highs. The metal is now up sharply in 2025, buoyed by a mix of supply-side issues, investor demand, and shifts in the automotive industry.

On the supply side, platinum is facing significant constraints this year. The World Platinum Investment Council (WPIC) projects that the platinum market will register a deep deficit of around 850,000 ounces in 2025, due to notably weak mine output ^[87]. South Africa – the top platinum producer – had a very poor first half of the year for PGM (platinum group metal) production, owing to a combination of electricity shortages, operational issues, and unusually heavy rainfall. Even though output has somewhat recovered, South African platinum supply for the full year is expected to fall to ~3.6 million ounces, down from nearly 4 million in 2024 ^[88] ^[89]. In fact, flooding and power disruptions cut South Africa’s platinum output by 8% year-on-year in Q2 alone ^[90] ^[91]. This supply squeeze comes as recycling of platinum (from autocatalysts, jewelry, etc.) is rising but still can’t fully compensate ^[92] ^[93]. The net result is a tighter market, which naturally puts upward pressure on prices.

Demand for platinum is also seeing some bright spots. Importantly, platinum has been rediscovered by some investors as a “cheaper alternative” to gold and as a hedge against inflation ^[94]. With gold near $3,800, some investors find platinum – still under $1,500 – relatively undervalued, and they have been allocating funds to it, contributing to the price strength ^[95]. Additionally, platinum’s role in industry is evolving. Traditionally used primarily in catalytic converters for diesel engines, platinum is now gaining attention for its use in green technologies: notably, it’s a key catalyst in hydrogen fuel cells and electrolyzers for green hydrogen production. As the world pushes toward cleaner energy, some analysts see a new source of long-term demand for platinum. In the near term, auto industry demand for platinum is also benefiting from a bit of substitution – automakers have been substituting platinum in place of more-expensive palladium in gasoline vehicle catalytic converters where possible, a trend accelerated by platinum’s relative affordability ^[96]. This substitution effect is modest but adds incremental demand.

The confluence of tight supply and steady or rising demand has made platinum one of 2025’s best-performing assets. Year-to-date, it has outpaced gold’s gains in percentage terms ^[97] ^[98]. As of late September, platinum was up roughly 20% for the year. No wonder Trading Economics (a research firm) recently forecast platinum to hit ~$1,562 within 12 months – implying further upside from current levels ^[99] ^[100]. Market watchers advise that if the platinum deficit continues or deepens, the drawdown of above-ground stockpiles will eventually translate to even higher prices. (Notably, platinum had a few years of surplus in the 2010s, leaving some inventories, but those are now being eroded. Metals Focus estimates global platinum stocks will shrink ~5% this year, which could start to materially impact prices ahead ^[101] ^[102].)

In the short run, platinum may see volatility as it digests its rapid climb. It is holding around the mid-$1,400s – a consolidation phase after breaking $1,400 a few weeks ago ^[103]. Traders are watching if it can sustain above technical levels around $1,450. So far, dips have been shallow. One reason is that platinum’s safe-haven appeal has emerged: some investors rotate into platinum for a hedge, seeing it as less “overbought” than gold and less “volatile” than palladium ^[104]. With possible U.S. import tariffs on certain platinum products being discussed (there have been hints of U.S. tariffs that might exclude raw platinum but tax some finished goods) ^[105], the trade landscape is another factor to monitor. For now, platinum’s fundamentals appear supportive, and its breakout beyond a decade-long price range is a notable development in the precious metals realm.

Palladium Attempts a Comeback

Palladium, once the high-flyer of the precious metals world, saw a modest rebound this week but still trails its counterparts in 2025. Prices for palladium rose to about $1,230 per ounce on Sept. 23 and ticked up further to roughly $1,228–$1,235 by Sept. 24 ^[106] ^[107]. That’s about a 3% gain on the week, pulling palladium off recent lows (it had briefly dipped below $1,200 in the prior week’s trading) ^[108]. However, palladium remains significantly lower than its peak of over $3,000 in 2021. The metal’s underperformance relative to gold, silver, and platinum this year is largely tied to shifts in its core demand and lingering oversupply concerns.

Palladium’s primary use is in catalytic converters for gasoline engines – it helps reduce vehicle emissions. Over the past few years, auto industry changes have hurt palladium demand: the surge of electric vehicles (EVs) (which don’t use catalytic converters at all) and some substitution by platinum in conventional cars have both curbed the need for palladium ^[109] ^[110]. After a decade of deficits and soaring prices, the palladium market is finally moving toward balance or even surplus, according to analysts. Metals Focus notes that above-ground palladium stockpiles, while drawn down to their lowest in 50+ years (around 11.3 million oz in 2024), are now sufficient for ~14 months of demand ^[111] ^[112]. With recycling on the rise (old catalytic converters being scrapped yield palladium) and slowing demand growth, many investors have been reluctant to hold palladium, which has kept prices under pressure ^[113]. In fact, the consultancy projected palladium’s average price would fall ~5% in 2025, even as other PGMs rise ^[114].

Yet, palladium is not without bullish catalysts. Supply risks have come into focus that gave the metal a lift recently. Russia is one of the world’s top palladium producers (mined as a byproduct of nickel), and with the geopolitical climate tense, there’s talk of new Western restrictions on Russian metals. Just this month, a U.S. senator led a delegation urging President Trump to impose a hefty 50% tariff on Russian palladium imports to counter “predatory” pricing and support U.S. mining ^[115] ^[116]. The prospect of such tariffs or sanctions immediately sparked concern about tighter supply, since Russia accounts for nearly half of global palladium output ^[117]. This helped palladium prices rally off their lows as some buyers moved to secure material before any trade actions. Additionally, South African supply disruptions have affected palladium too (many platinum mines co-produce palladium). Power outages and operational issues in South Africa mean primary palladium output is falling faster than demand, according to Trading Economics, contributing to a slight tightening of the market ^[118]. However, at the same time, recycling supply has increased thanks to programs like China’s vehicle trade-in initiative (which is bringing more used autocatalyst metal to market) ^[119]. These cross-currents – falling mine supply but rising recycled supply – have kept palladium roughly range-bound in recent months.

Looking ahead, forecasts for palladium are cautious. Trading Economics analysts expect palladium to trade around $1,189 by the end of this quarter and around $1,300 in a year’s time ^[120], suggesting only mild upside from current prices. Much will depend on the pace of EV adoption (which erodes long-term demand) versus any acute supply shocks. If sanctions or tariffs severely limit Russian palladium availability, the market could tighten suddenly, causing price spikes. For now, automakers appear to have adequate supply, and some are even designing vehicles to use less palladium (and more platinum) to mitigate high costs – a trend from when palladium was extremely expensive. With palladium now much cheaper than its peak, some substitution could swing back, but that likely won’t happen unless platinum itself becomes pricy. Investors remain skittish on palladium given its lackluster performance this year, but the metal’s recent bounce shows it’s not being left behind entirely. Should global car sales pick up or any supply hitches emerge, palladium could enjoy further recovery. Until then, it’s the one precious metal that is still well off its records, reflecting a market in transition.

Rhodium and Iridium: Rare Precious Metals in Focus

The rally in precious metals has extended even to the niche corners of the market – notably rhodium and iridium, two rare platinum-group metals that don’t usually grab headlines. While these metals trade in much lower volumes, they play critical roles in industry (and command very high prices per ounce). Over the Sept. 23–24 period, rhodium prices held around $7,100–7,200 per ounce ^[121] ^[122], and iridium was steady near $4,625 per ounce ^[123]. Both have seen relatively flat movement this week, but those levels themselves are notable – rhodium and iridium are up substantially from a year ago, supported by tight supply conditions.

Rhodium in particular has had a rollercoaster few years. It is used primarily in automotive catalysts (especially for cutting NOx emissions) and has a history of extreme price swings due to its tiny market size. In 2021, rhodium briefly spiked above $25,000/oz amid a supply squeeze. It since came down, but in 2025 rhodium is rising again. So far this year, rhodium was up about 20% by mid-year thanks to lower output in South Africa, according to Metals Focus ^[124] ^[125]. The consultancy expects rhodium’s average price to increase ~8% in 2025, outpacing gains in platinum and palladium ^[126]. The fundamental driver is a significant deficit: rhodium supply (mostly as a byproduct of platinum mining) isn’t meeting demand, which will force a drawdown of inventories. In fact, Metals Focus projects that in 2025 the rhodium deficit will slash above-ground stocks by 23%, bringing them down to just 349,000 oz – the lowest in at least 40 years ^[127] ^[128]. That remaining stock equals only about 4 months of demand cover, and some of it is locked up in refining pipelines, meaning the true available inventory is even less ^[129] ^[130]. This precarious situation “remains susceptible to physical market squeezes,” the consultancy noted ^[131]. In the past week, rhodium’s price actually eased slightly from recent highs (traders saw some profit-taking when it neared $7,300), but it remains historically elevated ^[132]. Any sudden sourcing difficulty – say, a mine outage or surge in industrial buying – could send rhodium spiking again. Notably, ruthenium, another minor PGM, hit a record high ~$960/oz earlier in September before pulling back ^[133], indicating how even obscure metals are seeing speculative interest.

Iridium, another PGM, is used in specialty alloys, electronics, and chemical catalysts (and notably in spark plugs and some hydrogen fuel cell components). Its market is even smaller and typically less volatile than rhodium’s, but it’s not immune to supply issues. Iridium prices have roughly stabilized around the mid-$4,000s per ounce in recent weeks ^[134]. This comes after a spike in 2021 (when iridium jumped on supply disruptions) and some swings earlier this year. As of last week, Heraeus (a precious metals refiner) reported that “the iridium price was steady” even as other metals moved around ^[135]. Supply of iridium, which is also a byproduct from platinum mines, has been constrained by the same South African issues affecting platinum and rhodium. Demand, while small, is fairly steady – iridium’s use in electronics and electrochemical applications has been gradually rising. Market insiders suggest that any big shifts in clean energy tech (for example, mass adoption of PEM electrolyzers for hydrogen which use iridium catalysts) could dramatically alter demand down the line, but in the immediate term the market is in a wait-and-see mode.

For investors, direct exposure to rhodium or iridium is tricky (there are no major liquid ETFs, only some physical funds or dealer products). However, the price strength in these metals reflects the broader theme of precious metals scarcity. It’s also impacting mining companies – high rhodium prices are a boon for PGM miners’ revenue mix. South African producers, for instance, earn significant credits from rhodium and iridium when those prices are high, which can offset lower palladium prices. This week’s precious metals news wouldn’t be complete without acknowledging that all corners of the PGM basket are in play: from big names like platinum to esoteric ones like iridium. In short, rhodium and iridium remain elevated due to tight supply, and while quiet this week, they are one geopolitical or mining hiccup away from potential turbulence.

Economic & Geopolitical Influences

The swift rise of precious metals in late September has been underpinned by major economic shifts and geopolitical events that unfolded over these days:

Federal Reserve Shifts: The U.S. Federal Reserve’s stance is arguably the single biggest factor. A little over a week ago, the Fed cut interest rates by 25 bps, and the tone since has been cautious/dovish. Traders now overwhelmingly expect further cuts, and bond yields have eased off recent highs ^[136]. This reduction in real interest rates directly boosts gold and silver, as lower rates decrease the opportunity cost of holding metals (which yield no interest) ^[137]. The dollar index had been softening on the prospect of looser policy, though it saw a rebound mid-week. Overall, the Fed’s pivot to easing (amid concerns of slowing growth and controlled inflation) is a sea-change from the tightening cycle of 2022–2024, and it has invigorated the entire precious metals complex ^[138] ^[139]. Investors are essentially front-running the central bank, moving into hard assets before rate cuts fully materialize.
Inflation and Data: While inflation has cooled from its peak, it remains somewhat “sticky” in parts of the world – and there’s a sense that the huge debt levels and ongoing fiscal spending could rekindle price pressures. Gold, often seen as an inflation hedge, is benefiting from those long-term fears, especially as oil prices have been rising (crude oil hovered near yearly highs, which could feed into inflation). Market attention is now turning to key data releases (like the PCE inflation index on Sept. 26 and global PMI reports) to gauge if the Fed will stay on track. Any sign of cooling inflation or weakening economy tends to reinforce the rate-cut narrative – bullish for metals. Conversely, any hot data would test the rally by strengthening the dollar. As of now, though, the theme is slower growth + easier policy, which is metals-positive.
Currency Moves: The precious rally has also been amplified by currency dynamics. Earlier in September, the U.S. dollar had softened notably, helping push gold to record highs in USD terms. Even after the dollar’s slight bounce this week (to a 3-week high) ^[140], gold was so strong that it only gave up a fraction of its gains ^[141]. In other currencies, gold and silver are at record highs. Gold hit fresh all-time highs in euros, British pounds, and Japanese yen this week as well ^[142] ^[143]. Silver, similarly, notched record highs in euros and other currencies ^[144]. This underscores that it’s not just a dollar story – it’s a global rally. In emerging markets, however, the picture is mixed: for example, India’s rupee hit a record low, which combined with record dollar-gold prices to make gold extremely expensive locally ^[145]. Such currency effects can dampen jewelry demand in those markets (as we saw with falling jewelry consumption in India/China).
Geopolitical Tensions: Geopolitics have provided perhaps the most immediate spark. President Donald Trump’s UN speech on Sept. 23 was a notable trigger cited by market commentators ^[146]. In that address, Trump took a hard line on international cooperation, dismissing “globalist” concepts, scorning climate agreements, and even surprising delegates with comments on the Ukraine war (asserting Ukraine can win back all territory) ^[147] ^[148]. The speech was described as “staggering” and caused unease among Western allies ^[149]. Investors interpreted it as a sign of potential increased geopolitical friction and perhaps domestic political uncertainty (with concerns about Fed independence mentioned as well ^[150] ^[151]). Stock markets and bond markets wobbled after the speech – the S&P 500 slipped and Western government bond yields eased as money moved to safety ^[152]. This directly boosted gold and silver due to safe-haven flows. Concurrently, the Russia-Ukraine conflict remains a major background factor: fresh developments like Ukraine striking targets in Russia ^[153] and Russia threatening countermeasures keep the crisis in focus. NATO’s vow to defend against any spillover and the Kremlin’s talk of continuing the war at all costs reinforce that this conflict (and its risk of escalation) is ongoing ^[154] ^[155]. Such tensions support precious metals demand. We also saw the U.S. warning China and India about buying Russian oil (in Trump’s speech) ^[156], which adds a layer of trade/geopolitical risk involving major economies – again, supportive of gold.
Economic Slowdown Fears: Globally, there are signs of cooling growth – e.g., Europe is flirting with recession, China’s recovery has been uneven. These growth worries often prompt central banks to lean dovish, which is positive for metals. In China, interestingly, stocks have been rising (Shanghai index hit a 3.5-year high) ^[157] partly on stimulus hopes, and China has also been quietly supporting gold. A Bloomberg report revealed the People’s Bank of China is encouraging allied nations’ central banks to buy and store gold in China ^[158], a strategic move that could bolster gold demand. Such institutional moves underline gold’s role in a diversifying global financial system.

In summary, the backdrop of easier monetary policy, simmering geopolitical conflicts, and investors seeking safety created a perfect storm for precious metals from Sept. 23–24. Gold’s rally has been a barometer of those risks, and silver, platinum, and others have ridden the same wave. As one metals report put it, “Falling interest rates may be supportive of precious metal prices in the medium term, particularly if inflation holds up and real interest rates turn negative” ^[159]. That scenario appears to be unfolding, and it is likely to keep these markets in focus in the weeks ahead.

Expert Commentary and Price Forecasts

Market experts and institutions have been weighing in on the precious metals upswing, offering insights and bold predictions:

Gold’s Trajectory: Apart from Goldman Sachs’s well-publicized $5,000 gold call by 2026 ^[160], other analysts see substantial upside if conditions persist. Citigroup strategists this month told clients that given dovish Fed signals, trade tensions, and U.S. debt worries, the bull market in gold and silver could have much further to run, potentially even extending into base metals like copper next year ^[161]. A CBS News analysis noted that historically, rate-cut cycles coupled with rising inflation and market uncertainty have propelled gold to new heights, suggesting gold “could potentially push past $4,000 per ounce” in the not-too-distant future ^[162] ^[163]. Analysts do caution that nothing goes up in a straight line – a period of consolidation would be healthy after gold’s 10%+ jump in five weeks ^[164] ^[165]. But so long as real yields remain low or negative, the consensus is that dips in gold will be bought.
Silver’s Outlook: Many experts highlight silver’s unique position. Its strong fundamentals (multi-year supply deficits amid booming industrial use) lead firms like Sprott Asset Management to remain very bullish. Sprott pointed out that mine supply has not kept up with demand for seven years, and investment demand is adding fuel ^[166]. Technical analysts from FXStreet and other trading desks say that as long as silver holds above its breakout level (~$41), momentum could carry it to $45 or higher in the near term ^[167]. Beyond that, a test of the all-time $50 mark (from 1980 and 2011) isn’t ruled out if monetary easing accelerates. However, due to silver’s notorious volatility, some caution that investors should be prepared for sharp swings. Portfolio managers often recommend having exposure to silver as it traditionally outperforms gold in bull markets – but they also emphasize risk management given silver’s tendency for exaggerated moves.
Platinum & Palladium: The WPIC (World Platinum Investment Council) and other industry groups remain constructive on platinum due to the persistent deficit. The WPIC’s latest quarterly report emphasized the supply shortfall and noted that even if demand growth is modest, the supply issues (due to South African struggles and limited Russian output) will likely keep the market tight ^[168]. Some investment advisors are telling clients that platinum at ~$1,500 is still undervalued compared to historical norms, especially versus gold (the gold-to-platinum ratio remains high, suggesting platinum could have more room to catch up). Trading Economics’ forecast of ~$1,560 in 12 months underscores that moderate upside expectation ^[169]. On the flip side, palladium’s outlook is muted. Johnson Matthey (a major PGM refiner) and Metals Focus have both indicated that palladium is transitioning to surplus in coming years. They cite EV adoption and improved autocatalyst thrifting as reasons palladium demand may stagnate or fall ^[170]. Still, price forecasts hover around the low $1,200s to $1,300 – essentially sideways – barring any supply shock. One wild card for palladium: policy intervention. If tariffs on Russian palladium or other curbs materialize, western users might scramble for non-Russian supply, which could bump up prices temporarily. Until more clarity, many analysts prefer platinum exposure over palladium in the PGM space.
Rhodium & Iridium: Experts following these niche markets (like specialty research firm Metals Focus and traders at Heraeus) suggest rhodium will remain volatile but biased upward due to the severe inventory drawdown underway ^[171]. Any power issues or labor strikes in South African mines could quickly tighten the rhodium market further – a risk that is not negligible. However, if the global auto industry slumps or if more automakers find ways to thrift rhodium, that could cap gains. For iridium, the market is so small that price predictions are harder. It tends to follow the broader PGM trend with a lag. The expectation is for iridium to stay relatively stable unless a major supply disruption (or a surge in demand from, say, fuel cell technology) occurs. Both metals’ prices are well above their long-term averages, so some mean reversion could happen if PGM mining normalizes. As of last week, Heraeus Precious Metals noted ruthenium and rhodium easing from highs and iridium steady, implying at least a pause in the rally for the minor PGMs ^[172].
Institutional Commentary: Financial institutions and commentators have also chimed in on the broader significance of this precious metals run. Bloomberg Intelligence pointed out that gold’s strength, despite equities not having crashed, suggests investors are proactively hedging against future turmoil. Commerzbank highlighted the strong ETF inflows as a sign that “big money” is moving into metals on fears of central bank independence being eroded (possibly alluding to political pressures on the Fed) ^[173]. Meanwhile, central banks themselves (particularly in emerging markets) are likely to keep buying gold on dips, according to the World Gold Council, which provides a backstop for prices.

In conclusion, sentiment across analysts remains bullish on precious metals heading into the final quarter of 2025. The combination of an accommodative Fed, geopolitical strains, and supply-demand imbalances creates a favorable backdrop. However, experts do advise vigilance: any signs of peace in key conflicts, unexpectedly strong economic data reviving rate hike bets, or central banks pausing gold purchases could cool the rally. For now, the consensus is that we are in a precious metals upswing that has more room to run – with gold and silver leading the charge, and the rest of the complex following suit in varying degrees. Investors with a long-term view are advised to stay informed and diversified, using any corrections as potential entry opportunities in this dynamic market ^[174] ^[175].

Mining & Supply Chain News Roundup

Finally, it’s worth highlighting some recent mining industry developments and supply-side news from around Sept. 23–24 that underlie these price moves:

Major Mining Deals: In a significant corporate move, Anglo American Platinum announced the sale of its Valetara Platinum project (a large PGM asset) in what’s reported to be the largest divestment in JSE history as per Standard Bank ^[176]. This reflects how mining companies are reshaping portfolios amid high PGM prices – selling non-core assets at premium values. Such deals could impact future supply depending on new owners’ investment plans.
South African Output: As mentioned, South Africa’s PGM production has been under pressure. However, recent data show a slight recovery in July from the extremely weak first half, despite a typical seasonal dip ^[177]. The government and Eskom (the power utility) are working to stabilize electricity supply, but load-shedding remains a risk to mine operations. Any improvement in power availability in 2025–2026 could help ease supply tightness, whereas continued power cuts would exacerbate deficits.
Environmental and Regulatory: There’s ongoing discussion about emissions regulations in major auto markets (Europe, China) that could influence PGM demand. Europe’s proposed Euro 7 standards, for instance, might require more PGM usage per vehicle to meet stricter NOx limits – potentially bullish for rhodium and palladium. Conversely, aggressive EV mandates reduce long-term PGM use. These regulatory pushes are being closely monitored by metals analysts for their net impact.
Recycling and Secondary Supply: Recycling has become an increasingly important part of the precious metals supply chain. In these news days, a notable point was China’s expansion of its vehicle scrappage and trade-in programs, which aim to retire older cars. This has boosted the supply of recycled platinum and palladium from scrapped catalytic converters ^[178]. Analysts say recycled material now constitutes a growing percentage of PGM supply. How much this offsets mining shortfalls is key; so far, recycling gains are significant but not a full substitute for lost mine ounces.
Gold Mining: No major disruptions in gold mining were reported during these days, but producers are enjoying high prices that increase margins. Some gold miners have even hedged a portion of production at these high price levels. The high price may spur increased exploration budgets or the development of marginal projects that weren’t economical at lower prices – potentially boosting future supply, though with a lag of years. Also, on the artisanal mining front, there are reports of small-scale miners ramping up output in places like Africa and Latin America to take advantage of the price (this often happens when gold prices hit records).
Logistics and Trade: The precious metals supply chain globally seems to be functioning without major hiccups at the moment, but there are some points of note. India, one of the biggest gold consumers, sometimes adjusts import duties to manage gold inflows; with prices so high and the rupee weak, Indian authorities are watching imports (which could slow due to cost). In contrast, China has been reportedly limiting some gold imports earlier in the month to prevent capital flight, but also promoting the use of its Shanghai Gold Exchange for international trade ^[179]. These policy levers can influence local supply/demand and are worth keeping an eye on.
Security of Supply: Western industries are increasingly discussing how to secure reliable supplies of critical metals. The U.S. and allies have strategic stockpiles and could consider expanding them for metals like platinum and palladium given reliance on South Africa and Russia. In fact, the U.S. Defense Logistics Agency earlier this year mentioned plans to stockpile more iridium and ruthenium for strategic purposes (due to their importance in electronics and defense). While not directly in the headlines on Sept. 23–24, these ongoing strategic considerations form part of the backdrop that can influence sentiment.

Bottom line: Supply chain and mining news over this period reinforces that precious metals supplies are finite and often vulnerable to disruption, which is a fundamental bullish underpinning. Deficits in platinum and silver, potential sanctions on palladium, and low inventories of rhodium highlight how supply issues can drive prices. Meanwhile, mining companies are capitalizing on high prices and adjusting strategies accordingly. All these elements feed into the pricing dynamic that we observed in the past two days – and will continue to shape the precious metals market going forward.

Sources: Recent market reports and news coverage from Reuters, Kitco, MiningWeekly, Metals Focus, and other industry analyses have been used in compiling this roundup ^[180] ^[181] ^[182] ^[183] ^[184] ^[185], ensuring an accurate and up-to-date picture of precious metals developments as of September 23–24, 2025.