In the latest PERSPECTIVES Viewpoint Commodities – Gold & silver in demand, oil price range seems limited, we discuss gold, silver and oil and examine the causes of past price movements. We also address the factors to look out for regarding these commodities and the opportunities we still see for investors in each case.

 

Key takeaways:

  • Gold performed well in 2024, outperforming most asset classes and it continued its record hunt in 2025. Diversification likely to continue driving demand from central banks, private investors and institutional investors.
  • Silver posted a gain of around 21% in 2024. It made a strong start into 2025, trading 10% higher than at the beginning of January.
  • Oil markets are expected to be in surplus in 2025 and to keep prices range bound. Strong non-OPEC supply means OPEC+ will provide crucial support for prices. Russia sanctions’ impact expected to be minimal.

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