The global market for precious metals is booming due to increasing demand from end-use industries. Demand for gold, platinum and silver is also increasing due to changes in lifestyles and increased disposable income among consumers. Investing in gold has become increasingly popular, with many people opting to store their gold in an IRA account. This has led to a surge in the demand for gold in IRA accounts, making it a great option for those looking to diversify their retirement portfolio.
It is estimated that the jewelry segment will grow at a significant CAGR during the forecast period. The main factor in the segment's growth is the increase in consumer disposable income, which drives demand for jewelry as well as Gold in IRA accounts.Gold and silver are the preferred metals for producing jewelry because of their brilliance and malleability. The growing demand for jewelry by consumers in Southeast Asia, due to the importance of gold in wedding ceremonies, is driving the growth of the segment. Palladium is a key component in the manufacture of catalytic converters because the metal serves as a great catalyst that accelerates chemical reactions.
Many investors consider the storage of precious metals to be a safe haven, a form of protection against riskier exposure elsewhere. In addition, increasing awareness of environmental pollution and changes in regulations on vehicle carbon emissions will substantially boost the demand for platinum group metals for application in catalytic converters. New precious mineral mining projects sanctioned by private companies and regulated by governments are likely to support growing demand. This enormous industrial demand, partly responsible for raising prices, will not decrease as the price of silver rises, since this metal is used in very small quantities in each product.
Gold and silver, and sometimes other precious metals, are often considered to be hedging against inflation and economic downturn. It is estimated that the demand for these metals will boost jewelry and investment applications worldwide, since gold and silver are of utmost importance in wedding ceremonies in Southeast Asian countries. In addition, inefficient polishing to preserve the shine and color of these metals will also hinder the market. Depending on the type, the precious metals market is segmented into metals from the silver, gold and platinum group.
The high cost of refining the metal made the small amount of pure aluminum available more valuable than gold. Palladium is a bright silver metal used in many types of manufacturing processes, particularly for electronic and industrial products. Due to their highly efficient ability to capture carbon and other harmful emissions, industries are increasingly using metals from the platinum group to curb pollution and comply with environmental standards set by the government. Precious metal prices are strongly influenced by several factors, such as inflation, currency fluctuations, government reserves and geopolitical uncertainties.
The market research report provides a detailed analysis of the precious metals industry and focuses on key aspects, such as the profiles of major companies, the types of precious metals and the main applications of these metals.