Nickel prices are projected to remain subdued in the near term before recovering later in the decade while gold is expected to hit record highs next year before easing, trends that could bolster the Philippines’ position as one of the world’s top metal producers.
In a presentation at the Mining Philippines 2025 conference at the Grand Hyatt Hotel in Taguig, market intelligence firm S and P Global said nickel prices have remained range-bound amid persistent oversupply.
It said production from the Philippines and China has stayed resilient, supported by a forecast price of $15,500 per metric ton this year.
Despite this, it forecasts that the market will shift into deficit by 2032 as demand from electric vehicles and clean energy technologies accelerates.
Gold, meanwhile, has been the best-performing metal since 2023, with prices climbing from $1,843 per ounce to $4,040 per ounce as of Oct. 8, a 119 percent increase based on London Bullion Market Association data.
Prices are expected to hit record highs in 2025 and peak in 2026 before modest corrections as markets stabilize.
Across major metals, gold is forecast to post the strongest price growth through 2035 followed by copper, cobalt and nickel.
S and P Global said long-term demand from the global energy transition would sustain structural supply shortfalls over the next decade.
The Philippines accounted for 10.2 percent of global nickel production in 2024, making it the second-largest producer worldwide and holding 10.5 percent of global reserves, ranking third.
It also contributes 0.9 percent to global gold output and holds 1.3 percent of total gold reserves.
For cobalt, the Philippines makes up 1.6 percent of world production and 1.5 percent of reserves.