Are Gold, Silver, And Platinum Prices Done Rising Or Is The Party Just Getting Started

So, you’ve probably seen it. The prices for gold, silver, and even platinum have been on a bit of a mad one this year. If you’ve been paying attention, you might be wondering if they’ve peaked and if now is the time they come crashing back down to earth. After all, what goes up must come down, right? Well, according to one expert, the show might not be over just yet. Ole Hansen, who’s the Head of Commodity Strategy at Saxo Bank, has been looking at the numbers and thinks there’s more to come for these shiny metals in the second half of 2025.

After a massive start to the year, Hansen reckons things have just paused for a bit. He says, “After a phenomenal first half, the investment metals sector has entered a period of consolidation. Gold has traded sideways for the past twelve weeks, creating space for silver and platinum to play catch-up. Yet with year-to-date gains of roughly 26% for gold and silver—and a remarkable 54% for platinum—the natural question from investors is: Is that it?”

And his answer? “We believe the answer is no.” So, let’s have a look at why he thinks the good times for these metals might keep rolling.

So, why have precious metals been so popular anyway?

It’s a fair question. Why are people suddenly so keen on these lumps of metal? Hansen says a lot of the original drivers that pushed prices up are still around, and some new ones might be joining the party soon. One of the big ones is interest rates in the U.S. Hansen explains, “Most notably, the prospect of lower U.S. interest rates could reignite demand, especially for metal-backed ETFs by reducing the opportunity cost of holding non-yielding assets like precious metals, compared to short-dated government bonds.”

Okay, let’s break that down. Imagine you have some savings. You could put it in a bank account (like a government bond) and earn a bit of interest. Or, you could buy a gold bar. The gold bar just sits there; it doesn’t pay you anything. If interest rates are high, the bank account looks pretty good. But if interest rates fall, suddenly that boring gold bar doesn’t seem like such a bad choice. That’s ‘opportunity cost’. And what about ETFs? They are just an easy way for regular investors to buy into things like gold without needing a vault in their house. So, lower interest rates could mean more people piling into gold through these ETFs.

There’s also the enduring appeal of these metals. Hansen points out their unique position. “Precious metals are politically neutral, unlike sovereign bonds or fiat currencies,” he said. “They are universally recognised as a store of value, not tied to the creditworthiness of any nation, which is why central banks are increasingly allocating to gold as a core reserve asset.” Basically, gold is gold, no matter what happens to a country’s politics or its currency. That’s why even the big central banks are stocking up on it. On top of that, a weaker U.S. dollar has been a huge help. When the U.S. dollar is weak, it makes gold cheaper for people buying with other currencies, which boosts demand.

Gold is taking a breather, but is it beaten?

If you look at a price chart for gold, you’ll see it’s been moving sideways since its record high in April, chilling out just below the $3,500 mark. It’s in what the experts call **consolidation mode**. Think of it like a runner catching their breath mid-race. Hansen notes that this pause has made some people nervous. “A lack of fresh bullish catalysts has raised the risk of a deeper correction, especially after recent signs of buyer fatigue,” he said. “Gold notably failed to rally alongside silver and platinum or attract a safe-haven bid during the brief Israel-Iran conflict. At the same time, surprisingly strong U.S. economic data has postponed rate cut expectations without triggering a significant gold selloff—another sign of underlying resilience.”

This is interesting. Even when things happened that should have made gold wobble (like good economic news from the U.S., which makes other investments more attractive), it held its ground. This suggests there’s a strong base of support for gold. Hansen still has a bullish outlook, meaning he’s optimistic. He says the current phase is a pause, not the end of the run that started back in October 2023. This is because the core reasons for owning gold haven’t disappeared. Things like ongoing geopolitical tensions and fiscal concerns in the U.S. keep investors looking for safe places to put their money.

What could push prices higher again?

So, what are these big drivers that could get things moving again? Hansen from Saxo Bank lists a few key things that are keeping his bullish outlook strong for all precious metals. It’s a mix of politics, economics, and good old-fashioned demand from some very big players.

• Persistent central bank demand: Countries around the world are still buying gold for their reserves.
• U.S. stagflation risks: This is when prices rise but the economy doesn’t grow. It’s a bad mix that makes tangible assets like metals look good.
• Ongoing geopolitical tensions: Hansen points to “Ongoing geopolitical tensions, sanctions, and trade frictions” as a key factor. When the world feels unstable, investors often run to gold.
• Growing U.S. fiscal concerns: Worries about the U.S. government’s debt can weaken the U.S. dollar and boost metals.
• Portfolio rebalancing: Big money managers are moving some cash away from shares and into physical things like metals.
• Extended U.S. dollar weakness: A weaker dollar generally means stronger prices for gold, silver and platinum.

Don’t forget about silver’s big breakout

While gold has been grabbing headlines, silver has been quietly having its own moment. Hansen notes that the recent breakout above $35 an ounce has got investors excited. This isn’t just random market noise; there are solid reasons behind it. “The move is underpinned by a structural supply deficit dating back to 2019, with annual demand consistently outpacing supply—eroding above-ground stockpiles and tightening the market,” he said.

What does that mean? Simple. For years, the world has been using more silver than it’s been digging out of the ground. This has been eating away at the world’s reserves (the above-ground stockpiles). When something becomes scarcer, its price tends to go up. This rising demand isn’t just from investors; silver is used in everything from solar panels to electronics. Hansen also added, “The break above USD 35 – now key support that needs to hold – also helped silver recover ground lost to gold during the market volatility following Trump’s April ‘Liberation Day’ tariff announcement.” Because central bank demand has been so focused on gold since 2022, silver has some catching up to do, and many think a move towards $40 isn’t out of the question.

And then there’s platinum, the quiet superstar

But the real star of 2025 so far has been platinum. It’s up a whopping 54% this year! Hansen says, “The rally was sparked by a technical breakout above USD 1,025, surpassing a long-term descending trendline stretching back to the 2008 peak near USD 2,300.” For a long time, platinum was seen as undervalued compared to gold. That seems to be changing now, with renewed interest from investors.

And just like silver, there are real-world reasons for this. The World Platinum Investment Council expects that demand for platinum will be higher than supply for the third year in a row in 2025. This is partly due to a recovery in automotive demand (platinum is used in catalytic converters for cars, especially hybrids and diesels) and a big increase in jewellery and bar investment in China. People there are seeing it as a cheaper alternative to gold. Even though the price has shot up, big investors haven’t flooded into platinum-backed ETFs yet, which could mean there’s still more room for it to run. This overall bullish setup suggests that while the metal has paused since its recent run, the fundamentals remain strong.