Via Metal Miner
The Global Precious Metals MMI (Monthly Metals Index) rose month-over-month. Overall, the index saw a price increase of 5.11% as precious metals prices fluctuated and gold prices hit new record highs again.
Palladium Remains Lackluster
Palladium continues to put in an underwhelming performance. Its biggest demand driver, automotive catalytic converters, has softened as U.S. vehicle production shows signs of slowing. At the same time, many automakers are switching from palladium to the now cheaper platinum.
On the supply side, analysts anticipate a shift toward surplus by 2025 as EV adoption accelerates and substitution trends continue. With limited bullish catalysts in the near term, palladium prices are expected to remain under pressure heading into the summer.
Precious Metals Prices: Platinum
Platinum saw modest gains over the past month, trading in the high $900s and reaching around $980/oz by early May. According to Kitco, while traditionally driven by jewelry and auto demand, platinum has seen renewed interest as a cost-effective substitute for palladium in emissions control systems.
Still, platinum’s industrial demand is vulnerable to U.S. tariff policy and global growth uncertainties. Analysts currently project a range-bound market between $880 and $1,050/oz, but warn that seasonal lulls or macro headwinds could send prices toward $800.
Silver Prices
Silver has remained a quiet out-performer despite a volatile few weeks. Prices surged alongside gold in early April, but have since retraced. While silver benefits from overall precious metal sentiment, it also faces pressure due to its use in industrial applications, especially as manufacturing data weakens. Silver took a hit earlier this month after U.S. tariff announcements triggered a roughly 9% correction.
Nonetheless, silver is up around 12% year-to-date. Many analysts expect it to trade sideways in the low $30s unless material demand picks up or macroeconomic conditions worsen.
Gold Hits New Record Highs…Again
Gold took center stage this past month, climbing to new record highs yet again. The precious metal reached $3,406/oz in April before hitting a brand new all-time high of $3,411.40/oz by mid-May. Inflation jitters, a softer dollar and safe-haven demand amid tariff tensions all contributed to the rally. U.S. COMEX gold futures tracked the same trend, with June contracts nearing $3,228/oz.
Going forward, traders are watching U.S. inflation data and Fed policy closely. Any signs of easing rates or weaker growth could drive gold higher again, while a stronger dollar may cap upside momentum.
The Outlook for U.S. Buyers
For procurement professionals and commodity strategists, the next 1–2 months will hinge on Fed decisions, U.S. trade policies and movements of the USD index. If tariffs escalate or rate cuts materialize, precious metals prices, particularly gold and silver, could surge again.
However, if markets regain stability, some of the safe-haven premium may unwind. For U.S. buyers navigating cost volatility, understanding these price levers is crucial, not just for timing purchases, but for building a resilient sourcing strategy.
By Jennifer Kary
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