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Precious Metals Recap May 2024

After silver and gold’s record highs and platinum’s solid performance in April, everyone wondered what May would bring to the Australian precious metals market. And they were not disappointed. May brought exciting developments for all three metals. Find out more in our precious metals recap for May 2024.

Key Points

Market Overview

The silver price continued to do well after its stellar performance in April and hit even greater heights in May. It started May at $40.803 to $48.061 on the 21st and its best price for the last year, $48.436 AUD on the 29th. Silver closed the month at $45.645 AUD.

Although the gold price did not experience the soaring heights of April, it continued to perform well during May. It went from $3,553.78 on May the 1st, peaked at $3,643.84 on the 20th, and closed the month at $3,493.50.

Platinum, too, continued to shine and reached fantastic highs during May. The precious metal started May with a spot price of $1,459.95, and peaked on the 17th at $1,618.74, closing May at $1,556.25 AUD.

Relevant News

The smaller the supply of precious metals gets, the higher the price it will fetch. Platinum’s performance was evidence of this, as supplies of all the platinum group metals (PGM), including platinum, palladium, and rhodium, were in their biggest deficit in a decade.  

Thanks to gold’s high prices, news articles are suggesting that silver has come to be seen as a financially stable investment

Another crucial factor is that the largest share of the world’s economic silver resources can be found in Australia. And as this precious metal is increasingly being used in modern technologies, its demand may only continue to rise.

Conclusion

Even amid turbulent world affairs and economic uncertainty, investing in precious metals has always been considered a safer investment. And May 2024 was another good month for precious metals. 

Despite a sharp drop after its May 20th peak, gold continued to perform well. Meanwhile, although both similarly fell away in the last days of the month, silver and platinum hit their highest prices for the last year during May.

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