Experts assessed the prospects of the precious metals market

Gold retains its status as one of the key defensive assets amid geopolitical tensions and inflationary risks. Olga Veretennikova, vice president of the Borsell analytical company, told Izvestia on April 20.

"Gold is becoming the main beneficiary of the current situation. Against the background of geopolitics, rising oil prices and increased demand for protective assets, it remains in the focus of investors' attention," the expert noted.

According to her, the base forecast for the near future assumes a range of $4.7–4.8 thousand per ounce. With increased conflicts, sharp jumps in quotations are possible, whereas with a decrease in tension, a pullback is likely, but without a significant drop.

Veretennikova also pointed out that silver will exhibit higher volatility than gold, moving in the same direction but with a larger amplitude.

Taisiya Veprentseva, an economist and founder of the Delomant Group consulting company, confirmed that precious metals continue to serve as protective assets.

Iran has squeezed gold: why the precious metal has collapsed in price

It has become one of the most affected assets due to the war in the Middle East.

"Gold remains a key beneficiary of high uncertainty: the base range until the end of the year is $4.6–5.2 thousand per ounce. For the ruble investor, its attractiveness is further enhanced by the currency revaluation against the background of the expected weakening of the ruble," she explained.

According to her, silver remains the most volatile metal: despite the structural deficit for several years, industrial demand restrains price growth, which leads to sharp corrections. The base range for silver is estimated at $72-88 per ounce.

Veprentseva also noted differences in the dynamics of other platinum group metals. Platinum demonstrates great resilience due to its limited supply and moderate pace of launching new projects. Its base range is $1950-2350 per ounce. Palladium, on the other hand, remains under pressure due to structural changes in demand.

"More than 80% of the demand for palladium is related to autocatalysts for cars with internal combustion engines, while the share of electric vehicles continues to grow," the expert stressed, adding that the base price range for the metal is estimated at $1,400-1,750 per ounce.

CNBC reported on April 15 that central banks in many countries have been actively disposing of their gold reserves in the past few months. Turkey is the most prominent seller, and the country's precious metal reserves decreased by 131 tons in March due to swaps and direct sales as the authorities sought to stabilize the lira, according to a Metals Focus report.