The global precious metals market size, valued at 478.00 thousand metric tons (KMT) in 2025, is projected to grow at a compound annual growth rate (CAGR) of 4.70% during the forecast period from 2026 to 2035. By 2035, the market is expected to reach 756.65 KMT. This growth is driven by rising demand for precious metals, particularly gold and silver, in jewelry, investment, and industrial applications. Technological advancements in various sectors, along with increasing consumer preference for wealth preservation and ornamental uses, are contributing to the expansion of the market.Key Growth Drivers in the Global Precious Metals Market
1. Rising Demand for Jewelry and Ornaments
Gold, silver, and platinum continue to be highly sought after for the creation of jewelry and ornaments. As consumer interest in luxury goods rises, particularly in emerging markets like India and China, the demand for precious metal jewelry is increasing. Precious metals are viewed as both symbols of status and sources of aesthetic appeal, which keeps driving demand in the jewelry sector. Additionally, the growing trend of personalized and bespoke jewelry is encouraging more consumers to invest in precious metals for custom pieces.
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2. Investment Demand for Wealth Preservation
Precious metals, particularly gold and silver, are considered safe-haven assets, especially during periods of economic uncertainty and inflation. Investors often turn to gold and silver as reliable stores of value and protection against currency devaluation. With increasing concerns over market volatility, geopolitical tensions, and inflationary pressures, demand for precious metals as an investment vehicle is expected to continue growing, further supporting the market’s expansion. Gold-backed exchange-traded funds (ETFs) and silver as an investment asset are likely to gain further traction in global financial markets.
3. Technological Advancements in Industrial Applications
Precious metals are widely used in various industrial applications, particularly in electronics, automotive, and renewable energy sectors. For example, platinum, palladium, and rhodium are crucial in catalytic converters for reducing emissions in vehicles. Additionally, gold and silver are integral in the production of high-performance electronics, such as smartphones, computers, and solar panels. The increasing demand for advanced technology products and cleaner energy solutions is expected to propel the growth of the precious metals market, as these metals are essential in the manufacturing of high-tech components and energy-efficient systems.
4. Rising Consumer Affinity for Sustainable and Ethical Sourcing
As sustainability concerns grow among consumers, there is an increasing demand for ethically sourced precious metals. Consumers are becoming more conscious of the environmental and social impacts of mining, prompting the industry to focus on responsible sourcing practices. The rise of recycled metals and the adoption of eco-friendly mining practices are further contributing to the growth of the market, as consumers prefer products that align with their values of sustainability and ethics.