Gold 
Platinum Price Outlook
“Platinum prices had an extremely interesting 2025. After moving mostly sideways in a tight range around $1,000 from the beginning of the year to the third week of May, prices began to climb rapidly. A combination of factors helped drive platinum prices higher, including Chinese platinum import data that had spiked higher, a marketing research note that suggested that the platinum market was in a deficit, flooding at Valterra Platinum’s Amandelbult mines in the first half of 2025, concerns about tariffs on platinum imports into the U.S., and a late-year policy reversal by the European Union regarding its internal combustion engine (ICE) ban.
While some of these factors were constructive at the margin, the resulting price reaction was disproportionately strong relative to the underlying fundamentals. A significant portion of the rally appears to have been driven by short-term, momentum-based investors, whose participation further amplified upward price pressure.”
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