Silver has more potential
The price of gold has reached new highs several times this year and was above USD 2,700 per ounce shortly before Donald Trump’s election victory in the US. However, experts at the World Bank believe that silver could outperform gold in 2025 and 2026.
In its analysis, the World Bank assumes that gold will continue to outperform the broad sector, but anticipates weaker demand until 2026. Demand from central banks and jewelry production, which accounts for around two thirds of global demand for gold, could fall due to the high price.
For 2024, the World Bank expects the price of gold to rise by 21% year-on-year, at a level around 80% above the 2015-2019 average. A decline of 1% is forecast for 2025 and 3% for 2026.
Silver, on the other hand, could benefit more. Rising demand coupled with limited supply should support the price. Demand for silver will grow due to financial and industrial use. An increase of 7% is expected in 2025 and 3% in 2026; the price of silver is set to rise by 20% in 2024.
Silver has recently outperformed gold and is trading over 35% higher this year. However, the gold-silver ratio is 80, which is still high. Other analysts also see more potential in silver for 2025, as it is considered undervalued.
The World Bank also remains optimistic for platinum. Despite challenges in the automotive sector, prices are expected to rise by 5% in both 2025 and 2026 with a supply deficit.
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