Precious metals have had a difficult year due to rising inflation as central banks aggressively tighten their monetary policy.
However, despite the problems, there is still a lot of optimism in the market, according to participants of the world's largest conference on investments in precious metals.
According to surveys conducted during the Global Precious Metals Conference of the London Precious Metals Market Association, delegates believe that gold prices will rise significantly by this time next year. But silver has the greatest potential.
As for platinum, delegates expect platinum prices to rise to $1,238.70 per ounce next year, compared to the current price of $888.5 per ounce.
Meanwhile, palladium prices are expected to rise to $2,058.80 per ounce compared to Wednesday's price of $1999.5 per ounce.
Analysts predict higher prices for precious metals in the next 12 months. In the comments made during the conference, it was noted that it would be difficult for the market to attract bullish interest in the near future since the Federal Reserve System is raising the federal funds rate.
However, many analysts believe that interest rates will peak in the first quarter of 2023, and gold and silver prices will rise by the second quarter.
Although investment demand has been extremely disappointing this year, the conference participants noted a significant gap between the paper market and physical demand.
Economists also note that record high silver prices indicate that investors still view precious metals as important safe-haven assets, as uncertainty prevails in global financial markets.