CrimeDec 24, 2025
LA Jewelry District Couple Pleads Guilty to Hiding Millions from IRSThe couple pleaded guilty to concealing at least $127 million in cash transactions at its precious metals businesses.
SurveysOct 16, 2019
Gold Price Expected to Continue to Climb in 2020
The latest Reuters poll has the metal averaging more than $1,400/oz. next year, while some analysts predict the spot price could hit $2,000.
The price of gold is expected to average $1,425/oz. next year, up from $1,360 this year, the latest Reuters poll shows. (Photo courtesy of United Precious Metals)
New York—Gold is expected to average more than $1,400/oz. next year, up from $1,360 this year, a recent Reuters poll shows.
Reuters publishes a precious metals price poll every quarter, combining predictions from two dozen or more analysts.
In the latest poll, done at the beginning of September, analysts predicted gold would average $1,393/oz. in the third quarter, $1,416 in the fourth quarter and $1,360 for the entire year.
The 2020 average for gold is forecast to rise to $1,425/oz.
The Reuters poll represents averages, not the actual price gold hits at any point during the day, and includes predictions from more than 30 participants, which is why it is less bullish than the note released by Citi analysts in mid-September, which predicted spot gold prices could top $2,000 an ounce in the next year or two.
Still, both sources point toward the gold price going up.
Unlike other metals, which are tied to market fundamentals such as supply and demand, gold is “very responsive” to certain macro-economic developments, said Johann Wiebe, a lead metals analyst on the GFMS team at Refinitiv.
Currently, those include the Federal Reserve lowering interest rates and the ongoing U.S.-China trade war.
“People are uncertain; that’s why the gold price goes up,” he said, noting the best example of gold prices reacting to macro-economic conditions was when it skyrocketed during the 2008 financial crisis, as investors lined up to buy gold investment bars and coins amid the global financial meltdown.
In the jewelry industry, the high price of gold led retailers to push buyback programs while swapping out gold for silver in display cases.
While Wiebe recognizes there is a lot of uncertainty in the world right now, he said Refinitiv is more modest in its exact forecast for gold and will need to see economic factors take a firmer hold before it predicts gold will breach $2,000 an ounce.
Platinum and Palladium Prices
Wiebe said platinum will remain less expensive than gold for the foreseeable future, though the Reuters poll has the white metal’s price rising next year too.
In the third quarter, the poll has platinum averaging $858/oz. and climbing to $880 in the fourth quarter, finishing the year with an average of $851.
In 2020, the poll has the average platinum price at $926/oz.
Analysts are also bullish on palladium.
Ten years ago, the white metal averaged around $300/oz., data supplied by Refinitiv shows (see chart below). 
Today, the price of palladium is well over $1,000/oz. due to strong auto catalyst demand driven by tighter emissions legislation in all major markets and the route toward the widespread adoption of electric vehicles going through hybrids (palladium is used to cut pollution from gasoline engines and is used in hybrid vehicles too).
Supply is just not high enough, Wiebe said, and the market is in repeated, severe deficit.
In the Reuters poll, analysts predicted palladium will average $1,478 in the third quarter and $1,465 in the fourth, finishing the year at $1,448/oz. The predicted average for 2020 is only slightly lower, at $1,444.
Silver Shadows
The price of silver is expected to mirror that of gold in the near term, rising in the fourth quarter and again next year.
The Reuters poll has silver averaging $15.79 an ounce in the third quarter before increasing to $16.13 in the fourth. The metal’s average for 2019 is expected to land at $15.59.
Next year, the price of silver is expected to increase to an average of $16.73.
Supply is just not high enough, Wiebe said, and the market is in repeated, severe deficit.
In the Reuters poll, analysts predicted palladium will average $1,478 in the third quarter and $1,465 in the fourth, finishing the year at $1,448/oz. The predicted average for 2020 is only slightly lower, at $1,444.
Silver Shadows
The price of silver is expected to mirror that of gold in the near term, rising in the fourth quarter and again next year.
The Reuters poll has silver averaging $15.79 an ounce in the third quarter before increasing to $16.13 in the fourth. The metal’s average for 2019 is expected to land at $15.59.
Next year, the price of silver is expected to increase to an average of $16.73.
More on Surveys
The Latest
AuctionsDec 24, 2025
Bonhams to Open New U.S. Flagship in NYCIn February 2026, the auction house will move its headquarters to the former Steinway Hall, a neoclassical landmark on Billionaires’ Row.
Events & AwardsDec 24, 2025
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
SourcingDec 23, 2025
Mining Titan Brian Gilbertson Dies at 82The former BHP Billiton leader and Gemfields chairman is remembered for his influential leadership throughout his 50-year mining career.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsDec 23, 2025
Bulgari Reimagines Costume Designers Guild AwardThe LVMH-owned brand has partnered with the costume design union to revamp its award for 2026.
MajorsDec 23, 2025
Kering to Acquire Stake in Raselli Franco GroupThe luxury titan inked a deal to acquire an initial minority stake in the jewelry manufacturer with a pathway to full ownership by 2032.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
MajorsDec 23, 2025
For Future Reference Vintage Enters Bloomingdale’sThe company’s curation of unsigned vintage and estate jewelry debuted at the Bloomingdale’s in Costa Mesa, California.
CrimeDec 22, 2025
Customs Seizes Hundreds of Fake Rolex, Cartier WatchesIn the recent multi-shipment seizure, CBP also found counterfeit Audemars Piguet, Moncler, and Chrome Hearts items.
EditorsDec 22, 2025
How Helzberg Is Reimagining Its StoresHelzberg’s Chief Retail Officer Mitch Maggart shared details about its tests of a new store concept rooted in an elevated luxury experience.
Recorded WebinarsDec 22, 2025
2025 Jewelry Rewind: Looking Back on an Eventful Year Jewelers of America execs and National Jeweler editors discuss tariffs, the sky-high gold price, and the engagement that broke the internet.
MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
MajorsDec 19, 2025
LVMH Names New Bulgari CEOLaura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.
EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
AuctionsDec 19, 2025
Jean Schlumberger’s ‘African Cat’ Is Purr-Fection Need a gift for the cat lover who has everything? Look no further than our latest Piece of the Week.
AuctionsDec 18, 2025
Audemars Piguet Reclaims Historic Pocket Watch at AuctionIt purchased the “Grosse Pièce,” an ultra-complicated Audemars Piguet pocket watch from the ‘20s, for a record-breaking price at Sotheby’s.
Lab-GrownDec 18, 2025
Kira Jewels Debuts Custom Lab-Grown Diamond Jewelry ServiceThe lab-grown diamond grower now offers custom engagement and fashion jewelry through its Kira Custom Lab Jewelry service.
EditorsDec 18, 2025
Terry Chandler Looks Back on 40 Years of Opportunity, Change, and FriendsChandler got his start at Michelson Jewelers and has served as DCA president and CEO since 2001. He will retire at the end of the month.
WatchesDec 18, 2025
Bob’s Watches to Open Store in New York’s JFK AirportThe boutique is slated to open this week inside Terminal 8, offering pre-owned Rolex watches and more to international travelers.
Supplier BulletinDec 18, 2025
Cell Jammers Are Targeting Your Business. Here's How to Beat ThemSponsored by Digital Monitoring Products
CrimeDec 17, 2025
Man Pleads Not Guilty to Swallowing Fabergé PendantThe special-edition egg pendant ingested in a New Zealand jewelry store was recovered after a six-day wait.
EditorsDec 17, 2025
2025 Jewelry Rewind: The Best Piece of the Week PicksAssociate Editor Natalie Francisco plays favorites with Piece of the Week, selecting a standout piece of jewelry from each month of 2025.
CollectionsDec 17, 2025
Lucy Hale Stars in Jacquie Aiche’s Holiday CampaignThe “Love and Desire” campaign is inspired by the magic that follows when one’s heart leads the way, said the brand.
GradingDec 17, 2025
SSEF Announces 2025 Scholarship WinnersTwo awardees will receive free tuition for an educational course at the Swiss lab, with flights and lodging included.
MajorsDec 16, 2025
Pandora’s New CEO Will Step Up EarlyBerta de Pablos-Barbier will replace Alexander Lacik at the start of January, two months earlier than expected.
AuctionsDec 16, 2025
Suzanne Belperron, JAR Shine in Sotheby’s First Auctions at New HQSotheby’s held its first two jewelry sales at the Breuer building last week, and they totaled nearly $44 million.
