Via Metal Miner
The Global Precious Metals MMI (Monthly Metals Index) moved sideways month-over-month, rising a slight 2.69%. Many precious metals prices saw dynamic shifts from February to March. Gold raced toward historic highs amid elevated tariff uncertainty and bets on the U.S. Federal Reserve policy easing. Meanwhile, silver also climbed to multi-month highs on safe-haven demand and industrial strength and platinum edged upward on supply concerns. However, in contrast to other precious metals, palladium lagged.
Palladium Price Trends
Amid the surge in precious metals prices, palladium struggled to maintain upward momentum. Automakers continue to favor platinum in gasoline catalytic converters, weighing on palladium demand. Although occasional supply disruptions, such as reduced output from South Africa, provided short-term price support, analysts largely anticipate continued weakness for palladium.
Meanwhile, market fluctuations driven by trade policy uncertainty contributed to price instability month-over-month. Though the recent U.S. tariffs did not directly impact palladium, the overall uncertainty kept the metal under pressure. Looking ahead, many industry experts predict palladium prices will decline in the coming months as supply outpaces demand. For those looking to navigate precious metal volatility, MetalMiner’s weekly newsletter offers key market insights and macroeconomic updates to keep procurement professionals informed.
Precious Metals Prices: Platinum
Platinum prices continued their upward trajectory throughout March. All in all, the metal has gained over 11% since the start of the year, in stark contrast to palladium’s struggles. The primary driver remains supply-side constraints, with the World Platinum Investment Council (WPIC) forecasting a deepening global platinum deficit of 848,000 ounces in 2025 (these precious metals price trends and more are covered monthly in MetalMiner’s Monthly Index report, a free guide on monthly metal price trends for 9 metal industries).
All of this news has allowed market sentiment to remain bullish, with analysts anticipating further gains as supply tightens. If economic growth remains steady and interest in the hydrogen economy, a key long-term demand factor, continues to rise, platinum’s positive momentum could persist alongside other precious metals prices.
Silver Price Trends
Silver prices surged to a five-month high, driven by strong industrial demand and safe-haven investment flows. Silver even managed to break past its previous range, reaching $33.69 per ounce early in March. This comes as investors increasingly turn to silver as a hedge against economic uncertainty and trade-related concerns.
Many experts believe silver could eventually follow gold’s rally, particularly if manufacturing activity strengthens. As of the middle of March, silver remained above $30 per troy ounce, holding firm despite the Federal Reserve’s more stable stance on interest rates. Forecasts for the coming months also suggest moderate but steady gains.
Gold Hits Record Highs Again
Gold prices once again shattered records, reaching an all-time high of $3,035 per troy ounce. Throughout the month, gold dominated headlines in the precious metals market. On March 13, spot prices hit $2,980 per ounce, marking a 14% year-to-date increase.
Gold’s surge stemmed from a combination of economic and geopolitical factors, including heightened tariff concerns, easing inflation and growing expectations of a more accommodative Federal Reserve policy. Major financial institutions have revised their forecasts upward, with many on Wall Street predicting that gold’s rally could have further room to run as long as global tensions and economic uncertainties persist.
By the Metal Miner team
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