Precious Metals Market Watch
A Visual Analysis of BofA Global Research’s Weekly Report | August 24, 2025
Gold’s Technical Crossroads
Since its all-time high of over $3,500/oz in April 2025, gold has been trading in a narrowing “triangle pattern.” Technical analysis suggests a significant breakout is approaching, with two potential scenarios depending on which key price level is breached first.
🐂 Bullish Breakout
A sustained move above this resistance level could signal the next major rally.
Potential Target: $3,618/oz
🐻 Bearish Breakdown
A drop below this key support could lead to a significant price decline.
Potential Target: $3,132/oz
2025 Market Outperformance
Year-to-date, precious metals equities have vastly outperformed the broader market, showcasing significant investor interest and confidence in the sector.
Top Performing Gold Equities (YTD)
Senior gold producers have generally led the pack in 2025, with silver-focused Fresnillo seeing the most dramatic gains, boosted by a strong silver price.
Weekly Market Drivers
Gold prices finished the week of Aug 18-22 up 1.1% to close at $3,372/oz. The primary catalyst was a dovish tone from the Federal Reserve’s Jackson Hole symposium, where Chair Powell hinted at a potential interest rate cut in September.
This signal weakened the US dollar and boosted non-yielding assets like gold, lifting gold-related equity indices as well.
BofA Metal Price Forecasts
BofA Global Research maintains a positive outlook on precious metals prices for the coming years.
| Metal | 2025E | 2026E |
|---|---|---|
| Gold ($/oz) | $3,356 | $3,659 |
| Silver ($/oz) | $35.58 | $42.68 |
| Platinum ($/oz) | $1,249 | $1,550 |
| Palladium ($/oz) | $1,020 | $1,050 |