---
title: "Platinum Price Outlook – August 2024"
site: "Monex Precious Metals"
domain: "https://www.monex.com/"
type: "Post"
last_updated: "August 9, 2024"
canonical_url: "https://www.monex.com/platinum-price-outlook-august-2024/"
markdown_url: "https://www.monex.com/platinum-price-outlook-august-2024.md"
---

# Platinum Price Outlook – August 2024

“Platinum Price Outlook

Platinum prices weakened during July, breaking a multi month upward price trend that saw platinum prices rise gradually since the lows reached in early March. Platinum prices are expected to move into a downward trend over the next few months, driven by a variety of factors. While there is the technical breakdown that we have seen in prices in recent weeks, the weakness expected in prices over the next few months is likely to be driven more by elevated concerns of an economic slowdown in the coming months. CPM Group expects economic growth to slow during the second half of 2024. Already commercial vehicle demand, which is heavily dependent on economic growth, is showing signs of weakness. This could be problematic for platinum fabrication demand.

Platinum supply is expected to decline during 2024, which has been one of the most important factors helping to keep platinum prices supported despite headwinds on the fabrication demand side of the market. That said, if economic growth slows rapidly, or even if businesses and consumers fear such a slowdown, there could be a more forceful pull back on spending that could hurt both commercial vehicle and passenger vehicle demand and consequently platinum fabrication demand. Such weakness could overpower any support to platinum prices from the weakness in platinum supply. There is strong support for platinum prices at the $880 level, but a decline to the $800 level during the second half of this year should not be ruled out.”