February proved to be a strong month for metals, with the Global Precious Metals Monthly Metals Index rising 7.36%. Gold extended its record-breaking run, touching $2,942.70 per ounce and prompting major institutions to raise their outlooks: UBS now expects a peak near $3,200, while Goldman Sachs has a year-end target of $3,100.
Silver also exhibited notable strength, climbing to $32.80 per ounce as it benefited from a mix of safe-haven demand and ongoing industrial use.
Palladium posted the largest percentage gain, rising 9.17% to $976 per ounce. The metal’s performance came despite market uncertainty related to tariffs under the Trump Administration and shifts in production at Sibanye Stillwater.
Platinum showed steady gains as well, increasing 6.63% to $965 per ounce. Its upside is supported by anticipated supply deficits through 2025 and rising demand from the automotive and industrial sectors. Overall, the metals market’s momentum reflects continued economic uncertainty, geopolitical risks, and robust central bank buying.