Global Precious Metals Market Report and Forecast 2024-2032

Global Precious Metals Market Size

The global precious metals market reached a volume of 436.05 KMT in 2023. The market is further estimated to grow at a CAGR of 4.7% during 2024-2032 to reach a volume of 659.30 KMT by 2032.

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Precious Metals Market Outlook

• The rapid transition from fossil fuels to renewable energy, such as solar power, supports silver use.

• Latin America has abundant reserves for silver as well as plenty of reserves for gold, and with limited local demand, the region has emerged as a natural exporter.

• Investors are inclined towards precious metals such as gold and silver as they are considered safe haven investments.

Global Precious Metals Market Growth Rate

Precious metals are a popular investment among private investors, hedge funds, central banks, and governments as they maintain their value over time. The rising disposable incomes among consumers in tier 2 cities of developing countries support the investment in gold in the form of festive jewellery.

The growing middle-class population in emerging economies has increased the purchase of electrical appliances and medical products that use silver, including computers, mobile phones, cameras, batteries, and medical and protective equipment.

Figure: Gross Household Saving Rate (2018- 2022) (EU and EA)

Key Trends and Developments

Increasing use of precious metals as investments; technological advancements; rising trend of sustainability; and increasing consumption of jewellery in countries such as India and China are impacting the market growth

Apr 5, 2022

Kinross Gold Corporation announced that it has entered into a definitive agreement with the Highland Gold Mining group of companies and its affiliates to sell 100% of its Russian assets for total consideration of USD 680 million in cash.

Mar 9, 2022

Kinross Gold Corporation announced that its La Coipa project in Chile crossed a significant milestone with the production of its first gold bar. The project's plant began commissioning, on schedule and within budget, in early February 2022.

Rising Investments

Growing wealth in emerging markets is increasing investments in precious metals such as gold in the form of gold bars for saving purposes and as jewellery owing to its cultural significance. Gold, silver, platinum, and palladium are highly valued investments as they offer reliable long-term returns.

Technological advancements

The rollout of 5G technology is anticipated to boost the manufacturing of products such as semiconductor chips, cabling, microelectromechanical systems (MEMS), and Internet of things (IoT)-enabled gadgets, all of which require precious metals, like silver, gold, and platinum.

Shift to sustainability

The growing need for sustainability is increasing the demand for renewable energy, consequently boosting the market growth. Gold has the potential to act as a catalyst to convert solar energy into methane and methanol. Silver owing to its high conductivity is a crucial ingredient in producing solar technologies. When used as a paste in solar cells, the metal conducts electrons from sunlight resulting in electrical energy that can be used or stored in batteries.

Rising jewellery consumption in India and China

India and China are significant consumers of gold jewellery owing to its cultural significance, religious connotations, and association with wealth generation. Hence, there is a growing appetite for customised, personalised, and high-end gold jewellery.

Precious Metals Market Trends

Growing wealth among emerging economies is increasing investments in gold bars. Investors view precious metals, such as gold, silver, and platinum, as a valued investment class into which funds should be allocated and diversified owing to their track record of protecting wealth through a crisis.

With the growing environmental and social consciousness among consumers, the demand for jewellery offering transparency is anticipated to increase.

Further, the trend of miniaturisation of electronics is encouraging the utilisation of silver conducting materials for denser packing technologies. With the increasing number of IoT devices, the use of semiconductor silver products in micro-electro-mechanical system (MEMS) packaging and processing is likely to surge. The rollout of 5G technology in both developed and developing countries is anticipated to drive the demand for silver in passive components, cabling, semiconductor chips, power distribution, and multi-layer ceramic capacitors (MLCC), among others.

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Precious Metals Industry Segmentation

“Global Precious Metals Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Gold
  • Jewellery
  • Investment
  • Coins and Medals
  • Electronics
  • Others
• Silver
  • Electric and Electronics
  • Jewellery
  • Coins and Medals
  • Investment
  • Silverware 
  • Photography
  • Others
• Palladium
  • Automotive
  • Electric and Electronics
  • Medical Application
  • Jewellery
• Platinum
  • Automotive
  • Jewellery
  • Chemical Processing
  • Medical Application
  • Electric and Electronics
  • Others
• Rhodium
  • Automotive
  • Glass Production
  • Electric and Electronics

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Precious Metals Market Share

Based on type, gold dominates the global market for precious metals

Gold and silver are perceived as popular commodity investments to mitigate portfolio risk and diversify the overall portfolio.

Due to its rareness, exclusivity, strength, natural whiteness, and other unique properties, platinum has become a sought-after material for modern-day jewellery making, symbolising luxury and longevity.

The demand for gold, silver, and platinum jewellery from digital/online channels is significantly surging. Moreover, the emerging trend of fashion jewellery, personalised and customised jewellery, and the internationalisation of jewellery brands are expected to support the market.

As per the precious metals market analysis, vehicle sales are a key factor aiding the palladium and rhodium demand for ICEs. Further, the usage of platinum is anticipated to increase as the precious metal is also used in fuel cell electric vehicles (FCEVs) besides diesel cars, benefitting from the increasing demand for clean mobility.

With increasing environmental concerns, the demand for palladium, platinum, and rhodium in automotive catalytic converters to reduce vehicle carbon emissions is anticipated to rise.

Leading Precious Metals Market Manufacturers

Companies are actively using advanced chemical processes and cutting-edge technology to refine, evaluate, and generate significant volumes of precious metals.

Anglo American Plc

Headquartered in the UK, Anglo American Plc is a leading global mining company that explores and mines precious base and ferrous metals.

Southern Copper Corporation

Founded in 1952, Southern Copper Corporation is a subsidiary of Grupo México SAB de CV and is a leading mining-metallurgical company, a global producer of copper, and other valuable by-products.

Newmont Corporation

Newmont is primarily engaged in the production of gold with significant operations or assets in the US, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia and Ghana. The company is also engaged in the production of copper, silver, lead, and zinc.

Northam Platinum Holdings Limited

It specialises in the mining of platinum group metals (platinum, palladium, and rhodium). It operates three wholly owned mines; Zondereinde, Booysendal and Eland, located in the Bushveld Complex of South Africa, and also a PGM recycling facility in the United States of America (US).

Other notable players operating in the global precious metals market are Newcrest Mining Limited, and Kinross Gold Corporation, among others.

Precious Metals Market Analysis by Region

North America is one of the significant markets. Mineral exploration is a significant sector in Canada, with precious metals, in particular gold, being most sought-after. Gold is mined from 9 provinces and territories, led by Quebec and Ontario, with key uses including investment, jewellery, and technology.

Within Asia Pacific, the Chinese government is actively promoting the transition to a clean economy and the use of green hydrogen and fuel-cell electric vehicles to realise its aim to achieve carbon neutrality by 2060. This is anticipated to increase the demand for platinum, palladium, and rhodium, which play a critical role in proton-exchange membrane (PEM) electrolysers and power fuel hydrogen cell vehicles.

In Latin America, Mexico, Brazil, and Chile have significant reserves of precious metals such as gold and silver. Brazil is a sizable exporter of gold, with destination countries including Canada, Switzerland, the United Kingdom, the United Arab Emirates, and India. Gold imports in Brazil are substantially lower, and are primarily sourced from Singapore, South Korea, the United States, and Italy.

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Precious Metals Market Report Snapshots

Precious Metals Market Size

Precious Metals Market Growth

Precious Metals Market Trends

Precious Metals Market Share

Precious Metals Manufacturers

Precious Metals Market Regional Analysis