GVR Report cover Precious Metal Market Size, Share & Trends Report

Precious Metal Market Size, Share & Trends Analysis Report By Metal (Gold, PGM, Silver), By Application (Jewelry, Industrial, Investment), By Region (North America, Europe, Asia Pacific, Central & South Africa, Middle East & Africa), And Segment Forecasts, 2025 - 2030

  • Report ID: GVR-4-68038-853-4
  • Number of Report Pages: 100
  • Format: PDF, Horizon Databook
  • Historical Range: 2018 - 2023
  • Forecast Period: 2025 - 2030 
  • Industry: Advanced Materials

Precious Metal Market Size & Trends

The global precious metal market size was estimated at USD 513.3 billion in 2024 at a CAGR of 9.1% from 2025 to 2030. Demand for the product in jewelry application is likely to emerge as an influential factor for the industry growth over the forecast period. The use of gold, specifically in the jewelry industry, is projected to witness steady growth over the coming years.

Precious Metal Market Size, By Product, 2020 - 2030 (USD Billion)

The commodity of gold has been an internal part of marriages, especially in India and China, wherein a significant amount of product is used in the form of jewelry and ornaments. For instance, the Indian wedding industry is positioned as the second-largest globally. According to a report by the Economist, it ranks as the fourth-largest industry in India, with an impressive annual expenditure of USD 130 billion in 2023. The wedding markets in both India and China are anticipated to provide significant growth opportunities for the gold jewelry sector in the coming years.

Drivers, Opportunities & Restraints

The rising demand for gold as a safe-haven investment, especially during economic uncertainties, has significantly boosted the market. In 2023, global central bank purchases of gold surged to a record high of over 1,200 tons, reflecting a 38% increase from 2022. In addition, the increasing adoption of platinum and palladium in autocatalysts to meet stringent emission regulations has propelled market demand. For instance, the International Platinum Group Metals Association highlighted that PGM demand in the automotive sector grew by 9% in 2023 due to a recovery in vehicle production.

Despite its growth, the precious metals market faces challenges from fluctuating prices and the strengthening of the U.S. dollar. The Federal Reserve's aggressive interest rate hikes in 2023, pushing rates above 5%, negatively impacted gold prices. Furthermore, declining industrial demand for silver, particularly in sectors such as electronics, has restrained market growth. The World Silver Survey reported a 5% drop in silver demand from industrial applications in 2023 due to slowing global economic activity and high inventory levels.

Emerging technologies and sustainable practices present significant growth opportunities for the precious metals market. The rise of green hydrogen projects and fuel cell technologies is expected to drive platinum demand. Moreover, the integration of silver in renewable energy applications, such as photovoltaic cells, is gaining traction. The Solar Energy Industries Association noted a 30% increase in silver usage in solar panel manufacturing in 2023, aligning with global renewable energy goals. In addition, the development of urban mining for recycling precious metals from e-waste offers an eco-friendly and cost-effective solution to meet future demand.

Price Trend Analysis

In 2023, precious metals experienced a notable price surge, with an approximate 20% year-over-year increase. This upward trend was primarily driven by heightened geopolitical tensions, leading investors to seek safe-haven assets such as gold. In addition, steady demand growth amid tight supplies contributed to price increases for metals such as platinum and silver. However, in December 2023, precious metal prices experienced a slight recovery but remained significantly below their March 2023 highs. Factors such as rising interest rates and a strong U.S. dollar outweighed gold demand, negatively affecting prices. Soft consumer and investment demand also contributed to the decline, although robust central bank purchases offered some support. Silver prices were hampered by weak industrial demand, while platinum prices rebounded more strongly, reflecting a recovery in autocatalyst demand and supply challenges.

The World Bank projects that precious metal prices will remain broadly stable, with a slight decline anticipated in 2025. Gold prices are expected to stay high, supported by ongoing geopolitical tensions. Meanwhile, steady demand growth amid tight supplies is expected to support price increases for platinum and silver. These projections suggest that while the significant price surges of 2023 may not continue at the same pace, the precious metals market will maintain its strength due to persistent demand and supply dynamics.

Metal Insights

The gold segment accounted for the largest revenue share of 71% in 2024 due to its high trading prices and greater usage in the jewelry sector. The gold production for 11 years is witnessing continuous growth with new mines commissioned in 2019. Among these, the Meliadine mine by Agnico Eagle Mines Ltd. and Gruyere mine by Gold Fields Ltd., and Gold Road Resources Ltd. were planning to add a major chunk of the new production. Thus, new product additions are likely to further aid the demand trend of the commodity over the coming years.

The market is segmented into gold, silver, and platinum group metals. Silver is likely to grow steadily over the forecast period owing to its wide usage across the industrial and jewelry sector, coupled with low cost as compared to its counterparts. Mexico and Peru are projected to remain the key production hubs for silver commodities. According to the United States Geological Survey, Mexico’s silver production was 6,300 metric tons, followed by Peru at 3,100 metric tons as of December 2022. Other key producing nations are Russia, China, Australia, and Chile. The PGM product segment is likely to witness sluggish growth as compared to its counterparts over the forecast period. The downturn in automotive vehicle manufacturing is already impacting the demand traits of platinum and palladium.

Application Insights

Industrial segment held the revenue share of over 45% in 2024. The industrial segment growth is largely attributed to the growth of the electrical and electronics sector, wherein the majority of silver commodity is used for various purposes.

The jewelry segment is the second largest application of the product. The sector despite its turbulent times is likely to create healthy prospects for the global precious metals industry over the forecast period. The steady consumption traits in the gold jewelry sector of China and India are likely to remain a key driver in the upcoming years. The wedding industry of both countries offers round-the-year opportunities for the jewelry market space vendors, thereby assisting the demand for precious commodities, such as gold and silver.

Precious Metal Market Share, By Application, 2024 (%)

The investment segment is expected to grow at a CAGR of 9.1% over the forecast period. The ongoing declining prices of platinum have generated greater attention from Japanese investors, which are likely to continue their strong purchase behavior. The country’s investors are significantly focused on PGM commodities due to the wider discount rates compared to their counterparts.

Regional Insights

North America’s precious metal market is anticipated to grow at a CAGR of 9.9% over the forecast period. The easy availability of silver resources in Mexico and a strong manufacturing base in the U.S. and Canada are likely to push the market growth of precious metals in the region. In addition, the streamlined value chain of these three aforementioned countries is expected to play a crucial role in positively influencing market growth over the coming years.

Asia Pacific Precious Metal Market Trends

Asia Pacific held the largest revenue share of over 47% in 2024. The region comprises the upcoming global powerhouses, such as India, Japan, and China. Among these, China has the widest influence over the market space of the precious metals industry. The country is the leading consumer of gold and PGM as of 2024. The strong domestic manufacturing sector of China is the key factor driving the demand for the aforementioned commodities in the country.

Precious Metal Market Trends, by Region, 2025 - 2030

Another key factor propelling market growth is the emergence of India as an alternative powerhouse in the region. The country is the second largest consumer of gold commodities in the Asia Pacific. The country also has a strong jewelry sector owing to the humongous wedding industry. Similarly, the country is also evolving its manufacturing capabilities by attracting foreign investment in the fields of chemical, energy, automotive, construction, and many more. Therefore, over the coming years, India is likely to play a key role in augmenting the growth of the global precious metals industry.

Europe Precious Metal Market Trends

Europe is likely to witness slow growth compared to its counterpart regions owing to the slowdown in the industrial and jewelry sectors. The region is facing prime challenges in terms of stability due to the severe impact of the East European geopolitical conflict.

Central & South America Precious Metal Market Trends

The precious metals market in Central and South America is primarily driven by abundant natural reserves, particularly in countries such as Peru, Chile, and Brazil. Gold and silver dominate the market, with Peru and Chile being among the largest global producers. The region's consumption is fueled by strong demand from the jewelry sector and increasing industrial applications, especially in electronics and renewable energy.

In addition, government initiatives to modernize mining practices and attract foreign investments are boosting market growth. The presence of cost-effective labor and proximity to North American and Asian markets further enhances the region's competitive edge.

Middle East & Africa Precious Metal Market Trends

In the Middle East & Africa, the precious metals market benefits from a combination of strong cultural affinity for gold and expanding industrial applications. Major gold-producing countries like South Africa and Ghana lead production, while the Gulf nations drive consumption due to their high demand for luxury goods and investment-grade metals. Industrial applications, particularly in renewable energy and electronics, are also on the rise.

In addition, favorable government policies and initiatives to enhance resource exploration and refine mining operations contribute to the region’s growing market presence. The region’s strategic location as a trade hub adds to its prominence in the global precious metals market.

Key Precious Metal Company Insights

Some of the key players operating in the market include AnglogoldAshanti, and Randgold & Exploration Company Limited

  • Freeport-McMoRan is a global leader in mining and production of precious and base metals, with a strong focus on gold and copper. Renowned for its large-scale operations and sustainable practices, the company serves diverse industries, including electronics, construction, and industrial applications.

  • Polyus is Russia's largest gold producer and one of the top gold mining companies globally. The company is recognized for its advanced technologies in mining and processing, ensuring high efficiency and sustainability.

Key Precious Metal Companies:

The following are the leading companies in the precious metal market. These companies collectively hold the largest market share and dictate industry trends.

  • Freeport-McMoRan
  • Polyus
  • Newmont Corporation
  • Gold Fields Limited
  • Randgold & Exploration Company Limited
  • Barrick Gold
  • AngloGold Ashanti
  • Kinross Gold Corporation
  • Newcrest Mining Limited

Recent Developments

  • In July 2023, Barrick Gold disclosed the extension of the mine life for its Tongon gold project in Côte d'Ivoire. This decision comes as a result of the ongoing positive outcomes from gold exploration activities within the Nielle mining permit area. Originally established in 2010 with an expected closure in 2021, the company filed documentation in 2021 to extend the mine’s life until 2026.

  • In July 2023, K92 Mining Inc. announced the resumption of underground mining operations at the Kainantu Gold Mine in Papua New Guinea. Following a tragic incident involving an underground vehicle, the restart was conducted according to a comprehensive restart plan prioritizing safety. Notably, the impact on surface activities has been minimal, and surface stockpiles have undergone processing in the designated plant. K92 Mining Inc. affirms that its production and cost guidance for 2023 remain unaffected by these events.

  • In June 2023, AnglogoldAshanti introduced a pioneering renewable energy initiative at the Tropicana Gold Mine, signifying a notable achievement in its commitment to carbon emissions reduction. In collaboration with Pacific Energy, AngloGold Ashanti Australia Ltd, is undertaking the construction and operation of an extensive 62MW solar and wind production capacity at the mine. This partnership aims to integrate renewable energy sources into the mine's power supply infrastructure, thereby reducing reliance on gas consumption.

Precious Metal Report Scope

Report Attribute

Details

Market size value in 2024

USD 513.3 billion

Revenue forecast in 2030

USD 865.3 billion

Growth rate

CAGR of 9.1% from 2025 to 2030

Base year for estimation

2024

Historical data

2018 - 2023

Forecast period

2025 - 2030

Quantitative units

Volume in kilotons, revenue in USD million, and CAGR from 2025 to 2030

Report coverage

Volume forecast, revenue forecast, competitive landscape, growth factors, and trends

Segments covered

Metal, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South Africa; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; UK; France; Russia; Switzerland; Italy; China; India; Japan; Vietnam; South Korea; Brazil; Argentina; Saudi Arabia; UAE; Qatar

Key companies profiled

Freeport-McMoRan; Polyus; Newmont Corporation; Gold Fields Limited; Randgold & Exploration Company Limited; Barrick Gold; AnglogoldAshanti; Newcrest Mining Limited ASA; Kinross Gold Corporation; STAMPERIE SpA

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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Global Precious Metal Market Report Segmentation

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global precious metal market report on the basis of metal, application and region.

Global Precious Metal Market Report Segmentation

  • Product Outlook (Volume, Kil0tons; Revenue, USD Million, 2018 - 2030)

    • Gold

    • Silver

    • PGM

  • Application Outlook (Volume, Kil0tons; Revenue, USD Million, 2018 - 2030)

    • Jewelry

    • Industrial

    • Investment

  • Regional Outlook (Volume, Kil0tons; Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • UK

      • France

      • Russia

      • Italy

      • Switzerland

    • Asia Pacific

      • China

      • India

      • Japan

      • Vietnam

      • South Korea

    • Central & South America

      • Brazil

      • Argentina

    • Middle East & Africa

      • Saudi Arabia

      • UAE

      • Qatar

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