Platinum Prices Climb on Supply Constraints and Macro Support

Platinum climbed toward $1,410 per ounce, marking the highest since the beginning of this month as persistent supply deficits continue to support the market.

The World Platinum Investment Council expects the global platinum market to face a structural deficit of around 850 koz in 2025, with supply potentially hitting a five-year low.

Current prices remain high but are insufficient to boost future supply.

On the demand side, industrial demand is under pressure from the global economic slowdown, but investment and jewelry demand—especially for small bars and platinum coins in China—is climbing.

Compared with gold, platinum is relatively more affordable, offering price advantages.

On the macro side, weaker dollar trends and growing expectations of Federal Reserve rate cuts are providing additional support for platinum prices, while geopolitical tensions are driving safe-haven demand, including US calls for EU tariffs on India and China and Poland’s downing of a Russian drone.