Platinum Price Outlook
"Platinum was the best performer in the precious metals complex during 2022. Platinum prices ended the year at $1,089.20 on 30 December 2022, up from $966.20 at the end of 2021. An easing of covid related restrictions in China, scheduled maintenance shutdowns in South Africa’s platinum group metals mining sector, an increased use of platinum in gasoline catalyst, and a strong increase in gold and silver prices all came together to push platinum prices higher during the last quarter of the year.
Heading into the new year platinum prices are expected to remain supported at elevated levels during the first quarter. Seasonal strength in prices, concerns of disruptions to the ramp up of South African mine supply following scheduled shutdowns in the last quarter, and an ongoing increase in platinum use in gasoline autocatalysts are expected to keep prices supported. Platinum prices have initial support at $1,000, which should hold for much of the first quarter of the year. On the upside prices need to settle above $1,120 to continue their journey higher.
The metal does face headwinds from a slowing global economy and consequently weakness in commercial vehicle demand. Barring any supply disruptions, platinum prices could move into a lower trading range, between $880 and $980 as the year progresses."
