Silver rose by 21.5% last year, posting the strongest price increase since 2020. The year-end level of just under USD 29 per troy ounce was the highest in 12 years, Commerzbank’s commodity analyst Carsten Fritsch notes.

Platinum and palladium suffered losses

“The Platinum price fell by 8.5% last year to slightly less than USD 910 per troy ounce, the lowest closing level in 6 years. Palladium fell by 17% to just over USD 910 per troy ounce. The last time Palladium traded lower at the end of a year was 8 years ago. Palladium has recorded price declines in the last four years.

“The picture for precious metals in 2024 was therefore mixed. Gold and silver made significant gains. Gold benefited from its monetary role as an investment metal, while silver gained from the increasing demand for climate-friendly applications such as photovoltaics.”

“Platinum and Palladium, on the other hand, fell because the investment aspect plays a much smaller role here. Instead, the weakness in the (automotive) industry became a burden.”