Besides Gold, the prices of other precious metals also came under pressure in the wake of the robust US labour market data. Economists at Commerzbank update their forecasts for Palladium, Silver and Platinum.

Forecasts for Silver and Platinum unchanged

“We are downwardly revising our Palladium forecast and now envisage a price of $1,700 by mid-year and of $1,900 by year’s end (previously: $2,000 and $2,100 respectively). 

“We are leaving our price forecasts for Silver and Platinum unchanged.”

“Silver is likely to be priced at $23 by mid-year and $25 by year’s end.” 

“We expect Platinum to be trading at $1,050 by mid-year and $1,150 at the end of 2023.”