Precious Metals Market Growth Opportunities, Industry Revenue, Future and Business Analysis by Forec
Global Precious Metals Market Projected to Recover from Halt on Mining Activities amid the COVID 19 Pandemic
The global precious metals market was valued USD 187.06 Billion in 2021 and is expected to exhibit a CAGR of 8.73% over the forecast period from 2021 to 2030, as per a market study by Quince Market Insights. As COVID-19 spread worldwide, shareholders rushed to precious metals as an economical safe shelter. The prices of gold increased along with silver, reflecting the common connection among precious metals in the times of economic unpredictability.
Precious metal is not only providing financial protection in the fight against COVID-19. These precious metals have broad usage in the medical field. Most people associate them with dental use.
Researchers have developed drugs and tested that by using silver, it can protect and fight against virus. Serological assays, is a type of blood test, which employ gold and silver nanoparticles to determine quickly if antigens are present in a patient’s bloodstream. These are critical and important to test to determine, if the person is infectious and also to confirm that donated plasma used to treat ill patients is safe or unsafe. Beyond therapeutic uses and silver diagnostic in the fight against COVID-19, it is also found that in some of the fabric of masks. Silver is not only an anti-viral but also protect against other bacteria and eliminates smell, which helps while wearing the masks for a long period of time.
The Fight Against COVID-19 Highlights a Trend
In healthcare there is a growing demand for precious metals. According to National health spending in the U.S. is anticipated to rise to 19.4% of GDP (gross domestic product) by 2027, or USD 6 trillion a year, which represents a generational shift in investigating, according to NHE fact sheet published by U.S. Centers for Medicare & Medicaid Services. Due to their unique physical qualities precious metal are anticipated to play a role in this shift.