Precious metals market includes metals such as gold, silver, platinum, and palladium that have higher economic value than other common metals. Gold is the most widely used precious metal and has numerous industrial applications including in jewellery, electronics, dentistry etc. owing to its exceptional properties such as luster, resistance to corrosion and high thermal conductivity. In the jewellery industry, gold is the most preferred metal for making necklaces, bangles and other decorative items.
The global precious metals market is estimated to be valued at USD 327.47 Bn in 2025 and is expected to reach USD 533.12 Bn by 2032, exhibiting a compound annual growth rate (CAGR) of 7.2% from 2025 to 2032.
Key Takeaways
Key players operating in the precious metals market are Barrick Gold Corporation, Newmont Corporation, Kinross Gold Corporation, Anglogold Ashanti and Gold Fields. Demand for precious metals especially gold and silver is rising significantly from the jewellery industry driven by increasing consumer spending on decorative luxury items across developing economies such as India and China. Major technological advancements such as nano-coatings of precious metals have enhanced their applications in electronics, medical devices and automotive industries.
Market Trends
Increasing penetration of digital currency: Growth of digital currencies such as Bitcoin has negatively impacted precious metals market as digital currencies are increasingly being seen as an alternative to gold as a store of value.
Rising EV sales boosting platinum and palladium demand: Platinum and palladium see strong Precious Metals Market Demand especially for catalytic converters in gasoline vehicles and fuel cells in hydrogen powered vehicles. Rapid growth in electric vehicles is expected to support palladium and platinum demand over the forecast period.
Market Opportunities
Medical devices industry: Nano-coated precious metals have wide scope in surgical equipment, diagnostic tools, dental fillings etc. driven by advances in biomedical nanotechnology.
Growing green technology demand: Precious metals find applications in solar panels and fuel cells. Continued policy pushes for renewable energy adoption can drive new opportunities over the long-term.
Impact of COVID-19 on Precious Metals Market Growth
The COVID-19 pandemic had a significant impact on the precious metals market. In the initial months of the pandemic during 2020, the market witnessed high volatility and uncertainty. The imposition of lockdowns across major economies disrupted the global supply chains and mining operations. This affected the production and supply of precious metals. On the demand side, investments in gold as a safe-haven asset increased significantly amid heightened uncertainty caused by the pandemic. However, the decline in industrial and manufacturing activities reduced demand from other segments like jewelry.
With the rollout of vaccination programs in 2021, economic activities started recovering gradually. This boosted demand from industrial sectors like electronics and green technologies that use precious metals. The automotive industry also rebounded driving demand for metals like platinum used in catalytic converters. Central banks across countries increased their gold reserves as part of measures to shore up their economies. Geopolitical tensions amid the Russia-Ukraine conflict further increased safe-haven buying of gold. In the long-term, the shift towards green energy is expected to support demand for precious metals. Automakers are also targeting electric vehicles which would drive platinum demand.
North America is the largest and fastest growing market for precious metals in terms of value. The US dominates North America’s precious metals market led by high industrial usage and investment demand for gold and silver. The automotive sector is a major consumer of platinum and palladium for catalytic converters. The growing electric vehicles market is expected to boost demand for metals like cobalt, nickel and lithium used in batteries. Rising income levels are also increasing gold jewelery and investment demand.
The Asia Pacific region has emerged as the second largest and fastest growing market for precious metals globally. China is the largest precious metals consumer driven by manufacturing industries, automobiles and investment spending. India is among the largest gold markets globally led by temple donations, weddings and festivals. Other Southeast Asian economies are growing manufacturing and electronics hubs boosting metal demand. The precious metals market in the region is expected to witness strong growth over the forecast period.
Get More Insights On- Precious Metals Market
Get this Report in Japanese Language:
Get this Report in Korean Language:
About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)