In a January 9, 2025, Barchart article on precious metals in Q4 and 2024, I concluded:

The trend is always a trader or investor’s best friend, and it remains higher in gold and silver in early 2025. While the path of least resistance for gold and silver remains higher, platinum and palladium offer value as their prices are at levels that are inexpensive compared to their precious cousins. 

All four precious metals trading on the CME’s COMEX and NYMEX divisions posted substantial gains in Q1 2025, with gold rising to a new record high. Rhodium, a platinum group metal that does not trade in the futures arena, rose more than 20% over the three months that ended on March 31, 2025. The precious metals composite, including gold, silver, platinum, and palladium, moved 14.88% higher in Q1 2025, leading the commodities asset class over the first three months of this year. 

Gold roars to new record highs

The bull market in gold continued to take the leading precious metal to new record highs in Q1 2025 as gold made new highs in January, February, and March. 

The quarterly chart highlights gold’s ascent over the past twenty-six years, and its 18.24% rally in Q1 2025. Nearby COMEX gold futures settled at $3,122.80 per ounce on March 31, 2025. After reaching a record $3,162 high in Q1, gold futures moved to an even higher high in early Q2, reaching $3,201.60 on the active month June futures contract. Gold pulled back during the risk-off trading caused by U.S. tariffs on April 3 & 4 but settled over the $3,000 per ounce level on April 4. 

Silver rises to a new multi-year peak

Silver, the second-leading precious metal, marginally outperformed gold in Q1 with an 18.36% gain, settling at $34.611 per ounce on March 31, 2025. 

The quarterly silver futures chart shows that silver futures reached a $35.495 per ounce high in Q1, the highest price since early 2012. Silver, gold, and other metals rallied as supplies tightened because of uncertainty over tariffs. The April 2 tariff announcement excluded copper and “bullion,” which sent metals prices lower. Silver took it on the chin on April 3and April 4, falling to just below the $29.25 level. 

Platinum and palladium post gains- Rhodium roars

Platinum and palladium continued to lag gold and silver in Q1, but the platinum group metals posted impressive gains. 

Platinum posted a 12.94% gain, settling Q1 at $1,009.70 per ounce. Palladium was 9.99% higher, at $1,000.70 per ounce on March 31, 2025. Meanwhile, the risk-off selling in early Q2 sent platinum and palladium prices lower, with platinum declining below the $915 per ounce level and palladium dropping to below $910 per ounce. 

Rhodium, a thinly traded platinum group metal that only trades in the physical market, moved 23.24% higher in Q1 to settle at a midpoint of $5,700 per ounce. In early April, rhodium was lower at a midpoint of $5,475 per ounce.

The GLTR is a diversified precious metals ETF that posted gains in Q1

The Aberdeen Physical Precious Metals Basket ETF (GLTR) owns physical gold, silver, platinum, and palladium bullion, with most assets invested in gold. Silver is the second-leading holding, and platinum and palladium holdings account for less than 10%. GLTR is a diversified precious metals ETF product. At the $121.92 per share level, GLTR had over $1.33 billion in assets under management and trades an average of over 55,000 shares daily. GLTR charges a 0.60% management fee. 

The chart highlights GLTR’s 17.9% rise from $109.80 at the end of 2024 to $129.47 per share on March 31, 2025. GLTR outperformed the precious metals composite, which rose 14.88% but slightly underperformed gold and silver, which rose over 18% in Q1. GLTR was lower in early April after the tariff-based risk-off selling hit the precious metals sector. 

The outlook for the precious metals in Q2 2025 and beyond

Gold has been a bullish beast. Even the most aggressive bull markets rarely move in straight lines, and corrections can be healthy as they flush weak long positions and allow stronger hands to buy at lower levels. Central banks and governments continue to buy gold, adding to reserves, which is bullish. The inflation-adjusted 1980 $875 high is just below the $3,400 level, which could be an upside target. However, gold is overdue for a correction, with lots of room for a decline as the first technical support level for the rally since 1999 is at the Q3 2020 $2,089.20 high. Gold is in uncharted territory, and while the trend remains bullish, the odds of a correction rise with the price. 

Silver suffered from tariff-related news in early Q2 that took the price lower to under the $30 level, below the first technical support level at the late February $31.365 low. Silver tightness that contributed to the rally could dissipate as there will be no tariffs on the metal, which could send prices lower over the coming weeks and months. However, silver remains in a fundamental deficit, which could support the price after the current risk-off selling period.

Platinum and palladium prices remain inexpensive compared to gold and silver at below the $1,000 per ounce levels. While platinum and palladium closed Q1 above the $1,000 pivot points, they failed again. While gold and silver could correct appreciably based on technical support levels, the platinum group metals could have less downside potential because of the current low levels compared to their precious cousins.

Over the past years, buying gold on significant corrections has been optimal, and I expect that trend to continue over the coming months and years as gold’s bull market remains firmly intact. Silver is a more volatile and speculative commodity, which could lead to significant price variance. Platinum and palladium are far less liquid than gold and silver, but they remain in trading ranges around the $1,000 pivot point as the precious metals market heads into Q2 2025.