Silver, on the other hand, has not enjoyed the same treatment as gold this year. Despite improving fundamentals, a conducive macroeconomic backdrop and a significant discount to gold prices, silverís technicals remain a headwind, the ETF Securities analyst said. Speculative investor positioning on silver have remained negative since mid-February and on March 27th hit the lowest level on record, signaling an ongoing bearish outlook. However, this does not mean there is no upside potential.

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“Despite a rise in short positions by speculators, prices have not experienced extreme sell offs. Should silver ís robustness remain, investors may shift gears driven positive economic surprises or a rise market volatility. This may spark a significant short covering rally -propelling prices higher in the short term,” Gold said.

The analysts also pointed out that platinum may see support from higher emerging market growth, rising global industrial production and a continued positive outlook for the South African economy and ZAR amid political reform. Any further volatility could also help demand, along with gold. Palladium, though, has suffered in the short-term due to its high correlation to industrial metals, but its fundamentals remain positive over the long-term.

For more information on the gold market, visit our gold category.